Ipswich Investment Management Co. Inc. Sells 300 Shares of Wells Fargo & Company (NYSE:WFC)

Ipswich Investment Management Co. Inc. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,101 shares of the financial services provider’s stock after selling 300 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in Wells Fargo & Company were worth $251,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. First Financial Corp IN lifted its stake in Wells Fargo & Company by 4.9% during the 4th quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 214 shares during the period. CX Institutional boosted its holdings in shares of Wells Fargo & Company by 1.1% in the fourth quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock worth $998,000 after buying an additional 217 shares during the last quarter. ERTS Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 3.5% in the fourth quarter. ERTS Wealth Advisors LLC now owns 6,733 shares of the financial services provider’s stock worth $331,000 after buying an additional 228 shares during the last quarter. Prio Wealth Limited Partnership boosted its holdings in shares of Wells Fargo & Company by 1.7% in the fourth quarter. Prio Wealth Limited Partnership now owns 14,309 shares of the financial services provider’s stock worth $704,000 after buying an additional 233 shares during the last quarter. Finally, SJS Investment Consulting Inc. boosted its holdings in shares of Wells Fargo & Company by 19.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 1,523 shares of the financial services provider’s stock worth $75,000 after buying an additional 244 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC traded up $1.61 during trading hours on Friday, hitting $60.35. The company’s stock had a trading volume of 34,334,317 shares, compared to its average volume of 15,430,011. The business’s 50-day moving average price is $55.88 and its 200-day moving average price is $48.82. Wells Fargo & Company has a 12 month low of $36.40 and a 12 month high of $60.85. The stock has a market cap of $213.66 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 1.14 and a beta of 1.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter in the previous year, the business posted $1.23 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.32%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s payout ratio is 29.23%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $51.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, January 9th. HSBC raised their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Robert W. Baird restated a “neutral” rating and set a $55.00 target price on shares of Wells Fargo & Company in a research note on Monday, January 8th. Piper Sandler decreased their target price on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 16th. Finally, The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Thirteen analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.85.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.