SP Asset Management LLC Cuts Position in Wells Fargo & Company (NYSE:WFC)

SP Asset Management LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 0.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 276,455 shares of the financial services provider’s stock after selling 1,389 shares during the period. Wells Fargo & Company comprises about 1.6% of SP Asset Management LLC’s portfolio, making the stock its 15th biggest holding. SP Asset Management LLC’s holdings in Wells Fargo & Company were worth $19,418,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the third quarter worth $29,000. Modus Advisors LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at $30,000. McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at $30,000. Decker Retirement Planning Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at $32,000. Finally, MidAtlantic Capital Management Inc. bought a new position in Wells Fargo & Company in the third quarter valued at $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $74.20 on Thursday. 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 firm has a 50-day moving average of $76.08 and a 200-day moving average of $68.28. The firm has a market cap of $243.97 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.18 and a beta of 1.18. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate 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 business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the business posted $0.86 earnings per share. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. Sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.16%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Barclays increased their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley increased their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. UBS Group raised their price objective 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. The Goldman Sachs Group raised their price objective 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, Piper Sandler raised their price objective 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. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Profile

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.