Gamco Investors INC. ET AL Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Gamco Investors INC. ET AL reduced its position in Wells Fargo & Company (NYSE:WFC) by 5.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 759,734 shares of the financial services provider’s stock after selling 46,498 shares during the period. Gamco Investors INC. ET AL’s holdings in Wells Fargo & Company were worth $53,364,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in WFC. Morse Asset Management Inc bought a new stake in Wells Fargo & Company during the third quarter valued at about $487,000. Tudor Financial Inc. acquired a new stake in shares of Wells Fargo & Company in the third quarter worth $468,000. Anchor Investment Management LLC boosted its stake in shares of Wells Fargo & Company by 5.5% in the third quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock worth $898,000 after buying an additional 836 shares during the last quarter. World Investment Advisors LLC boosted its holdings in Wells Fargo & Company by 1,263.8% during the third quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock worth $4,261,000 after buying an additional 69,901 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of Wells Fargo & Company by 4.5% in the third quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock valued at $7,842,000 after buying an additional 5,946 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WFC has been the subject of several recent analyst reports. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, April 7th. Piper Sandler reduced their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday. Barclays cut their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday. Citigroup dropped their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.88.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $63.17 on Tuesday. The firm has a market capitalization of $206.26 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm’s 50 day moving average is $72.49 and its two-hundred day moving average is $71.02.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.53%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

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.