Wells Fargo & Company (NYSE:WFC) Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. lowered its position in Wells Fargo & Company (NYSE:WFC) by 9.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,605 shares of the financial services provider’s stock after selling 718 shares during the period. Confluence Wealth Services Inc.’s holdings in Wells Fargo & Company were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Wells Fargo & Company in the fourth quarter valued at about $2,049,693,000. Northern Trust Corp increased its holdings in Wells Fargo & Company by 0.3% in the third quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock valued at $1,560,755,000 after buying an additional 129,300 shares in the last quarter. Moneta Group Investment Advisors LLC increased its holdings in Wells Fargo & Company by 129,312.1% in 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 in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Wells Fargo & Company by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 21,901,706 shares of the financial services provider’s stock valued at $1,061,357,000 after buying an additional 64,080 shares in the last quarter. Finally, Pzena Investment Management LLC increased its holdings in Wells Fargo & Company by 1.9% in the third quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock valued at $746,484,000 after buying an additional 335,560 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $57.57 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. Wells Fargo & Company has a fifty-two week low of $36.40 and a fifty-two week high of $58.44. The firm has a 50-day simple moving average of $54.48 and a 200 day simple moving average of $47.99. The company has a market cap of $203.82 billion, a PE ratio of 11.94, a P/E/G ratio of 1.20 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $20.30 billion. During the same period in the prior year, the company earned $0.67 EPS. Wells Fargo & Company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 4.73 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio is presently 29.05%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on WFC shares. Citigroup reaffirmed a “neutral” rating and issued a $63.00 target price (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Piper Sandler decreased their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, January 16th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and an average target price of $57.63.

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.