First American Bank Sells 716 Shares of Wells Fargo & Company (NYSE:WFC)

First American Bank decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 14.5% during the fourth quarter, HoldingsChannel reports. The fund owned 4,235 shares of the financial services provider’s stock after selling 716 shares during the quarter. First American Bank’s holdings in Wells Fargo & Company were worth $297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC increased its stake in shares of Wells Fargo & Company by 19.1% in the fourth quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock worth $13,369,000 after buying an additional 30,510 shares during the period. Rockefeller Capital Management L.P. increased its position in Wells Fargo & Company by 37.2% in the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after buying an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in shares of Wells Fargo & Company by 17.4% in the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after acquiring an additional 26,320 shares in the last quarter. Chartwell Investment Partners LLC boosted 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 purchasing an additional 18,717 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Wells Fargo & Company by 14.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,027,696 shares of the financial services provider’s stock valued at $58,055,000 after purchasing an additional 131,322 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the topic of several recent analyst reports. Barclays raised their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley lifted their price target 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. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. UBS Group lifted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Truist Financial raised their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $76.61 on Friday. The firm has a fifty day moving average of $75.71 and a two-hundred day moving average of $67.57. The firm has a market cap of $255.06 billion, a P/E ratio of 14.24, 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. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results 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 return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter last year, the firm earned $0.86 EPS. The business’s revenue was down .5% on a year-over-year basis. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

Wells Fargo & Company 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.