Delta Asset Management LLC TN Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Delta Asset Management LLC TN cut its position in Wells Fargo & Company (NYSE:WFC) by 2.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 434,098 shares of the financial services provider’s stock after selling 9,775 shares during the period. Wells Fargo & Company makes up about 2.7% of Delta Asset Management LLC TN’s holdings, making the stock its 12th largest holding. Delta Asset Management LLC TN’s holdings in Wells Fargo & Company were worth $30,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in WFC. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at about $26,000. Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the last quarter. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $30,000. Finally, Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on WFC shares. Truist Financial raised their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Morgan Stanley boosted their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. UBS Group boosted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Compass Point raised their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.18.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $73.45 on Thursday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The firm has a market capitalization of $239.83 billion, a P/E ratio of 13.65, a PEG ratio of 1.18 and a beta of 1.16. 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 business has a fifty day moving average of $76.04 and a 200 day moving average of $69.79.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results 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 company 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 for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

About Wells Fargo & Company

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.