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

Black Cypress Capital Management LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,366 shares of the financial services provider’s stock after selling 11,838 shares during the quarter. Wells Fargo & Company accounts for about 9.7% of Black Cypress Capital Management LLC’s holdings, making the stock its 3rd largest position. Black Cypress Capital Management LLC’s holdings in Wells Fargo & Company were worth $11,194,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on WFC shares. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Bank of America cut their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Barclays lifted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Finally, Piper Sandler raised shares of Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $77.00 price objective for the company in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $75.66.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $62.36 on Friday. The firm’s 50-day moving average is $72.83 and its 200-day moving average is $70.87. The company has a market cap of $203.62 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 1.18 and a beta of 1.02. 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 52-week low of $50.15 and a 52-week high of $81.50.

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

Wells Fargo & Company Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.57%. Wells Fargo & Company’s dividend 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.