Hutchinson Capital Management CA Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Hutchinson Capital Management CA trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,511 shares of the financial services provider’s stock after selling 1,974 shares during the period. Wells Fargo & Company comprises 1.3% of Hutchinson Capital Management CA’s investment portfolio, making the stock its 27th biggest holding. Hutchinson Capital Management CA’s holdings in Wells Fargo & Company were worth $6,919,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of WFC. one8zero8 LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth $526,000. Choate Investment Advisors raised its holdings in Wells Fargo & Company by 12.2% during the fourth quarter. Choate Investment Advisors now owns 46,347 shares of the financial services provider’s stock worth $3,255,000 after purchasing an additional 5,033 shares during the last quarter. Diversified Enterprises LLC raised its holdings in Wells Fargo & Company by 3.4% during the fourth quarter. Diversified Enterprises LLC now owns 6,696 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 222 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in Wells Fargo & Company by 2.2% during the fourth quarter. Frank Rimerman Advisors LLC now owns 20,532 shares of the financial services provider’s stock worth $1,442,000 after purchasing an additional 449 shares during the last quarter. Finally, First Financial Group Corp acquired a new position in Wells Fargo & Company during the fourth quarter worth $330,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Citigroup boosted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Truist Financial boosted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Barclays boosted their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Thursday. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $74.39.

Wells Fargo & Company Trading Up 3.6 %

NYSE:WFC opened at $70.96 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The business’s 50-day simple moving average is $75.89 and its 200 day simple moving average is $68.93. The stock has a market cap of $233.31 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the previous year, the firm posted $0.86 earnings per share. The company’s revenue was down .5% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 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 Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wells Fargo & 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.