Wells Fargo & Company (NYSE:WFC) Position Lessened by Keystone Financial Services

Keystone Financial Services lowered its position in Wells Fargo & Company (NYSE:WFC) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,518 shares of the financial services provider’s stock after selling 808 shares during the quarter. Wells Fargo & Company makes up approximately 0.5% of Keystone Financial Services’ holdings, making the stock its 23rd biggest position. Keystone Financial Services’ holdings in Wells Fargo & Company were worth $1,301,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WFC. V Square Quantitative Management LLC grew its position in Wells Fargo & Company by 8.3% in the third quarter. V Square Quantitative Management LLC now owns 3,993 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 305 shares in the last quarter. Inspire Advisors LLC bought a new stake in Wells Fargo & Company in the third quarter worth $299,000. First Citizens Bank & Trust Co. increased its position in Wells Fargo & Company by 1.5% during the third quarter. First Citizens Bank & Trust Co. now owns 37,977 shares of the financial services provider’s stock worth $2,145,000 after buying an additional 564 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in Wells Fargo & Company by 2.5% during the third quarter. Ferguson Wellman Capital Management Inc. now owns 29,958 shares of the financial services provider’s stock valued at $1,692,000 after buying an additional 737 shares in the last quarter. Finally, Revolve Wealth Partners LLC lifted its position in shares of Wells Fargo & Company by 7.4% in the third quarter. Revolve Wealth Partners LLC now owns 4,391 shares of the financial services provider’s stock worth $248,000 after buying an additional 302 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

WFC opened at $79.68 on Monday. Wells Fargo & Company has a 1 year low of $48.62 and a 1 year high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock’s 50 day simple moving average is $74.41 and its 200-day simple moving average is $66.15. The stock has a market cap of $265.29 billion, a PE ratio of 14.81, a P/E/G ratio of 1.22 and a beta of 1.18.

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 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 company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The company’s quarterly revenue was down .5% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.74%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of analyst reports. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. UBS Group boosted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Evercore ISI raised their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted 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 report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average 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.