Coastline Trust Co Trims Position in Wells Fargo & Company (NYSE:WFC)

Coastline Trust Co decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 27.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 4,915 shares of the financial services provider’s stock after selling 1,860 shares during the period. Coastline Trust Co’s holdings in Wells Fargo & Company were worth $242,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $2,049,693,000. Moneta Group Investment Advisors LLC lifted its stake in shares of Wells Fargo & Company by 129,312.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after buying an additional 26,267,166 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Wells Fargo & Company by 1,478.6% in the 1st quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock valued at $406,609,000 after purchasing an additional 7,859,100 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at $345,861,000. Finally, Imprint Wealth LLC boosted its holdings in shares of Wells Fargo & Company by 4,238.0% in the 2nd quarter. Imprint Wealth LLC now owns 4,284,901 shares of the financial services provider’s stock valued at $428,490,000 after purchasing an additional 4,186,124 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WFC. Raymond James lifted their price target on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 16th. Odeon Capital Group downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price on the stock. in a research note on Thursday, January 18th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $51.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, January 9th. Piper Sandler cut their target price on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 16th. Finally, The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research note on Monday. Twelve research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $56.68.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $57.13 on Thursday. The firm has a market cap of $202.26 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.19 and a beta of 1.19. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.88 and a quick ratio of 0.88. Wells Fargo & Company has a 1-year low of $36.27 and a 1-year high of $58.44. The firm has a fifty day moving average of $53.92 and a two-hundred day moving average of $47.54.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.30). Wells Fargo & Company had a net margin of 16.60% and a return on equity of 12.40%. The business had revenue of $20.48 billion during the quarter, compared to analyst estimates of $20.30 billion. During the same period last year, the firm posted $0.67 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, research analysts anticipate that Wells Fargo & Company will post 4.72 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s payout ratio is 29.05%.

Wells Fargo & Company Company Profile

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.