Livingston Group Asset Management CO operating as Southport Capital Management Raises Stock Position in Wells Fargo & Company (NYSE:WFC)

January 14th, 2021 - By Amy Steele - Comments Off

Livingston Group Asset Management CO operating as Southport Capital Management raised its position in Wells Fargo & Company (NYSE:WFC) by 6.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,789 shares of the financial services provider’s stock after buying an additional 950 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Wells Fargo & Company were worth $477,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pacifica Partners Inc. increased its stake in shares of Wells Fargo & Company by 27.0% during the third quarter. Pacifica Partners Inc. now owns 1,883 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 400 shares in the last quarter. Provident Wealth Management LLC acquired a new position in Wells Fargo & Company during the third quarter worth about $45,000. CVA Family Office LLC boosted its holdings in Wells Fargo & Company by 100.0% in the 3rd quarter. CVA Family Office LLC now owns 2,000 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,000 shares during the last quarter. Banque Cantonale Vaudoise lifted its holdings in shares of Wells Fargo & Company by 32.3% in the 3rd quarter. Banque Cantonale Vaudoise now owns 2,704 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 660 shares during the last quarter. Finally, ELM Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $69,000. 67.25% of the stock is owned by institutional investors.

Wells Fargo & Company stock opened at $33.80 on Thursday. The company has a market capitalization of $139.75 billion, a P/E ratio of 91.35, a P/E/G ratio of 4.84 and a beta of 1.07. The firm’s fifty day simple moving average is $29.96 and its 200-day simple moving average is $25.75. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.34. Wells Fargo & Company has a 1-year low of $20.76 and a 1-year high of $50.74.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 20th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.03). Wells Fargo & Company had a net margin of 3.72% and a return on equity of 3.18%. The firm had revenue of $18.86 billion during the quarter, compared to analyst estimates of $17.87 billion. During the same quarter in the previous year, the business posted $0.92 earnings per share. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. On average, equities research analysts predict that Wells Fargo & Company will post 0.48 earnings per share for the current year.

Several research analysts have recently issued reports on WFC shares. DA Davidson upgraded shares of Wells Fargo & Company from a “neutral” rating to a “buy” rating and upped their target price for the company from $27.00 to $31.00 in a report on Thursday, November 19th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Wells Fargo & Company from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, January 6th. Compass Point upgraded shares of Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Friday, November 6th. Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Company from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $28.00 to $36.00 in a report on Monday, December 14th. Finally, ValuEngine upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating in a report on Wednesday, November 25th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.06.

About Wells Fargo & Company

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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Livingston Group Asset Management CO operating as Southport Capital Management Raises Stock Position in Wells Fargo & Company (NYSE:WFC)