Amalgamated Bank Reduces Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Amalgamated Bank lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 5.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 637,777 shares of the financial services provider’s stock after selling 36,429 shares during the quarter. Amalgamated Bank’s holdings in Wells Fargo & Company were worth $44,797,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth approximately $637,000. Assenagon Asset Management S.A. raised its stake in shares of Wells Fargo & Company by 8.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 96,400 shares of the financial services provider’s stock worth $5,446,000 after buying an additional 7,415 shares in the last quarter. Arkadios Wealth Advisors raised its stake in shares of Wells Fargo & Company by 19.5% in the 3rd quarter. Arkadios Wealth Advisors now owns 19,801 shares of the financial services provider’s stock worth $1,119,000 after buying an additional 3,228 shares in the last quarter. Modera Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 0.9% in the 3rd quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after buying an additional 167 shares in the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in shares of Wells Fargo & Company by 22.9% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 38,981 shares of the financial services provider’s stock worth $2,202,000 after acquiring an additional 7,276 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $77.10 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $256.72 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.18 and a beta of 1.18. The stock has a fifty day simple moving average of $75.30 and a 200 day simple moving average of $67.28. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given 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 2.08%. Wells Fargo & Company’s payout ratio is 29.74%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WFC. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Piper Sandler boosted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Evercore ISI boosted their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $73.39.

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.