Hennessy Advisors Inc. Sells 4,600 Shares of Wells Fargo & Company (NYSE:WFC)

Hennessy Advisors Inc. cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 124,700 shares of the financial services provider’s stock after selling 4,600 shares during the period. Hennessy Advisors Inc.’s holdings in Wells Fargo & Company were worth $8,759,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Goldstone Financial Group LLC acquired a new position in Wells Fargo & Company in the fourth quarter worth $226,000. Decker Retirement Planning Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $32,000. Empirical Asset Management LLC increased its holdings in Wells Fargo & Company by 229.7% in the fourth quarter. Empirical Asset Management LLC now owns 62,652 shares of the financial services provider’s stock valued at $4,401,000 after purchasing an additional 43,650 shares during the last quarter. Cohen Investment Advisors LLC increased its holdings in shares of Wells Fargo & Company by 2.1% in the fourth quarter. Cohen Investment Advisors LLC now owns 44,364 shares of the financial services provider’s stock worth $3,116,000 after acquiring an additional 916 shares in the last quarter. Finally, Cypress Wealth Services LLC increased its holdings in shares of Wells Fargo & Company by 1.2% in the fourth quarter. Cypress Wealth Services LLC now owns 16,004 shares of the financial services provider’s stock worth $1,124,000 after acquiring an additional 189 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WFC. Citigroup upped their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Truist Financial increased their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group increased their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research report on Tuesday, October 8th. Finally, Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their price objective for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Twelve 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, the company has a consensus rating of “Hold” and a consensus price target of $72.17.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $75.94 on Friday. The stock has a 50-day moving average price of $72.47 and a two-hundred day moving average price of $63.24. Wells Fargo & Company has a 12 month low of $46.12 and a 12 month high of $78.13. The company has a market capitalization of $252.85 billion, a PE ratio of 15.79, a P/E/G ratio of 1.39 and a beta of 1.18. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter last year, the business earned $0.86 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. Analysts expect that Wells Fargo & Company will post 5.45 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. Wells Fargo & Company’s dividend payout ratio is 33.26%.

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.