Community Trust & Investment Co. Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Community Trust & Investment Co. lessened its stake in Wells Fargo & Company (NYSE:WFC) by 13.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,418 shares of the financial services provider’s stock after selling 830 shares during the period. Community Trust & Investment Co.’s holdings in Wells Fargo & Company were worth $381,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in WFC. Cardinal Capital Management Inc. grew its position in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after acquiring an additional 11,037 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Wells Fargo & Company by 37.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after purchasing an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp increased its position in shares of Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 26,320 shares during the last quarter. Chartwell Investment Partners LLC raised its holdings in shares of Wells Fargo & Company by 16.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after buying an additional 18,717 shares in the last quarter. Finally, Argus Investors Counsel Inc. lifted its position in Wells Fargo & Company by 34.6% in the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after buying an additional 8,107 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on WFC shares. Keefe, Bruyette & Woods increased their price target on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the company a “market perform” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Barclays lifted their price objective on Wells Fargo & Company from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a report on Tuesday, October 8th. Twelve research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.92.

Wells Fargo & Company Price Performance

WFC stock opened at $71.07 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $46.12 and a 1 year high of $78.13. The firm has a 50-day moving average of $72.41 and a 200 day moving average of $63.15. The company has a market cap of $236.63 billion, a P/E ratio of 14.78, a PEG ratio of 1.47 and a beta of 1.18.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.