Tritonpoint Wealth LLC Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Tritonpoint Wealth LLC decreased its stake in Wells Fargo & Company (NYSE:WFC) by 3.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 138,523 shares of the financial services provider’s stock after selling 5,440 shares during the period. Wells Fargo & Company comprises about 0.9% of Tritonpoint Wealth LLC’s investment portfolio, making the stock its 26th biggest position. Tritonpoint Wealth LLC’s holdings in Wells Fargo & Company were worth $9,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Income Research & Management bought a new position in shares of Wells Fargo & Company in the 3rd quarter worth $211,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $32,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $35,000. Finally, Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the 3rd quarter worth $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.0 %

NYSE:WFC opened at $78.81 on Friday. Wells Fargo & Company has a one year low of $47.45 and a one year high of $79.29. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The company’s 50-day simple moving average is $73.59 and its 200 day simple moving average is $64.72. The firm has a market capitalization of $262.40 billion, a P/E ratio of 14.65, a PEG ratio of 1.18 and a beta of 1.18.

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

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be given a $0.40 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

WFC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of 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. Truist Financial lifted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Barclays lifted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company 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.