First Citizens Bank & Trust Co. Trims Stock Holdings in Wells Fargo & Company (NYSE:WFC)

First Citizens Bank & Trust Co. reduced its position in Wells Fargo & Company (NYSE:WFC) by 5.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,854 shares of the financial services provider’s stock after selling 2,123 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Wells Fargo & Company were worth $2,518,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Income Research & Management bought a new stake in Wells Fargo & Company during the third quarter valued at approximately $211,000. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the second quarter worth $26,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE WFC opened at $77.23 on Monday. The stock has a market cap of $257.13 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.17 and a beta of 1.18. 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 $47.45 and a 12 month high of $78.30. The company’s 50 day moving average is $73.19 and its two-hundred day moving average is $64.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter last year, the business posted $0.86 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Piper Sandler boosted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Evercore ISI upped their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Barclays upped 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. Finally, UBS Group upped their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $73.39.

Wells Fargo & 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.