Wells Fargo & Company (NYSE:WFC) Shares Sold by Novare Capital Management LLC

Novare Capital Management LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 7.1% in the fourth quarter, HoldingsChannel reports. The fund owned 3,399 shares of the financial services provider’s stock after selling 261 shares during the quarter. Novare Capital Management LLC’s holdings in Wells Fargo & Company were worth $239,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company in the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at $29,000. Modus Advisors LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at about $30,000. Finally, Decker Retirement Planning Inc. bought a new stake in Wells Fargo & Company in the fourth quarter worth about $32,000. 75.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $77.23 on Monday. Wells Fargo & Company has a fifty-two week low of $47.45 and a fifty-two week high of $78.30. The stock’s 50-day moving average is $73.19 and its two-hundred day moving average is $64.07. 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 firm has a market cap of $257.13 billion, a P/E ratio of 14.35, a PEG ratio of 1.17 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.86 earnings per share. Analysts predict that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

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.