Shell Asset Management Co. Sells 28,498 Shares of Wells Fargo & Company $WFC

Shell Asset Management Co. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 61.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 18,225 shares of the financial services provider’s stock after selling 28,498 shares during the quarter. Shell Asset Management Co.’s holdings in Wells Fargo & Company were worth $1,528,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the stock. Hidden Cove Wealth Management LLC grew its position in Wells Fargo & Company by 2.0% in the 3rd quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider’s stock worth $499,000 after purchasing an additional 119 shares during the period. Zullo Investment Group Inc. grew its holdings in shares of Wells Fargo & Company by 2.0% in the third quarter. Zullo Investment Group Inc. now owns 6,340 shares of the financial services provider’s stock worth $532,000 after acquiring an additional 122 shares during the period. Embree Financial Group increased its position in Wells Fargo & Company by 3.9% during the third quarter. Embree Financial Group now owns 3,330 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 126 shares during the last quarter. Trust Co. of Vermont lifted its holdings in Wells Fargo & Company by 1.1% in the third quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider’s stock valued at $1,014,000 after acquiring an additional 126 shares during the period. Finally, Traphagen Investment Advisors LLC boosted its position in Wells Fargo & Company by 2.0% in the third quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 127 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Wednesday, January 21st. Argus increased their price target on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Royal Bank Of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Wells Fargo & Company in a research note on Thursday, January 15th. Truist Financial reduced their price objective on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Finally, Freedom Capital downgraded Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 15th. Thirteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.03.

Wells Fargo & Company Stock Up 0.8%

WFC opened at $86.94 on Monday. The stock has a market cap of $272.92 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90. The firm’s fifty day moving average is $91.80 and its 200 day moving average is $85.93. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.10. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The business had revenue of $11.97 billion during the quarter, compared to analyst estimates of $21.63 billion. During the same quarter in the prior year, the business posted $1.43 EPS. Wells Fargo & Company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, sell-side 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 declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Friday, February 6th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is presently 28.71%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.