Marks Group Wealth Management Inc Sells 721 Shares of Wells Fargo & Company (NYSE:WFC)

Marks Group Wealth Management Inc trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,427 shares of the financial services provider’s stock after selling 721 shares during the period. Marks Group Wealth Management Inc’s holdings in Wells Fargo & Company were worth $2,137,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Income Research & Management purchased a new position in Wells Fargo & Company during the 3rd quarter valued at about $211,000. Modus Advisors LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at $30,000. Decker Retirement Planning Inc. purchased a new position in Wells Fargo & Company during the 4th quarter valued at $32,000. E Fund Management Hong Kong Co. Ltd. bought a new position in Wells Fargo & Company in the 4th quarter worth $35,000. Finally, Truvestments Capital LLC bought a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at about $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of several research reports. 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 research report on Tuesday, December 10th. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Piper Sandler increased their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial boosted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their target price for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Performance

WFC stock opened at $79.66 on Wednesday. The stock’s 50 day simple moving average is $73.97 and its 200 day simple moving average is $65.64. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $47.59 and a 12-month high of $81.50. The stock has a market capitalization of $265.23 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.22 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the company posted $0.86 earnings per share. The company’s quarterly revenue was down .5% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 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.