New Wave Wealth Advisors LLC Sells 338 Shares of Wells Fargo & Company (NYSE:WFC)

New Wave Wealth Advisors LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,718 shares of the financial services provider’s stock after selling 338 shares during the period. New Wave Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Powers Advisory Group LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at about $242,000. Narus Financial Partners LLC lifted its position in Wells Fargo & Company by 19.3% during the fourth quarter. Narus Financial Partners LLC now owns 4,773 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 773 shares during the last quarter. Evernest Financial Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 35.4% during the fourth quarter. Evernest Financial Advisors LLC now owns 5,341 shares of the financial services provider’s stock worth $375,000 after acquiring an additional 1,397 shares during the period. Granite Harbor Advisors Inc. acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $226,000. Finally, Cibc World Market Inc. increased its stake in shares of Wells Fargo & Company by 108.7% during the fourth quarter. Cibc World Market Inc. now owns 1,310,390 shares of the financial services provider’s stock worth $92,042,000 after purchasing an additional 682,636 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on WFC shares. Citigroup increased their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Compass Point lifted their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $78.89 on Friday. The company has a market capitalization of $262.67 billion, a PE ratio of 14.66, a P/E/G ratio of 1.18 and a beta of 1.18. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock has a 50-day moving average price of $73.53 and a two-hundred day moving average price of $64.58. Wells Fargo & Company has a 12 month low of $47.45 and a 12 month high of $79.24.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the firm posted $0.86 EPS. The company’s revenue for the quarter was down .5% compared to the same quarter last year. Analysts expect that Wells Fargo & Company will post 5.84 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.03%. Wells Fargo & Company’s payout ratio is 29.74%.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.