Gardner Russo & Quinn LLC Lowers Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Gardner Russo & Quinn LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 51.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 193,556 shares of the financial services provider’s stock after selling 208,764 shares during the period. Wells Fargo & Company makes up 0.2% of Gardner Russo & Quinn LLC’s investment portfolio, making the stock its 22nd biggest holding. Gardner Russo & Quinn LLC’s holdings in Wells Fargo & Company were worth $13,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Michael A. Dubis Financial Planning LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $456,000. OneAscent Wealth Management LLC increased its stake in Wells Fargo & Company by 1.9% in the 4th quarter. OneAscent Wealth Management LLC now owns 8,623 shares of the financial services provider’s stock valued at $606,000 after buying an additional 161 shares during the period. Allstate Corp purchased a new position in Wells Fargo & Company during the 4th quarter worth $7,135,000. Maridea Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth $381,000. Finally, DnB Asset Management AS boosted its holdings in shares of Wells Fargo & Company by 2.1% in the fourth quarter. DnB Asset Management AS now owns 613,324 shares of the financial services provider’s stock valued at $43,080,000 after acquiring an additional 12,352 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 2.2 %

Shares of WFC stock opened at $70.71 on Friday. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a market capitalization of $230.87 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.18 and a beta of 1.16. The firm has a 50-day moving average price of $75.84 and a 200 day moving average price of $69.92. 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 (NYSE:WFC) last announced 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. The business had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.26%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Analysts Set New Price Targets

WFC has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective 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. Truist Financial lifted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Piper Sandler raised their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, UBS Group increased their price target 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. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.97.

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.