Carnegie Capital Asset Management LLC Reduces Stock Position in Wells Fargo & Company (NYSE:WFC)

Carnegie Capital Asset Management LLC lessened its holdings in Wells Fargo & Company (NYSE:WFCGet Rating) by 6.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,350 shares of the financial services provider’s stock after selling 1,900 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Wells Fargo & Company were worth $1,325,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Bouvel Investment Partners LLC increased its holdings in Wells Fargo & Company by 3.8% in the first quarter. Bouvel Investment Partners LLC now owns 81,573 shares of the financial services provider’s stock valued at $3,953,000 after buying an additional 2,956 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its stake in Wells Fargo & Company by 25.1% in the first quarter. Dynamic Advisor Solutions LLC now owns 17,075 shares of the financial services provider’s stock valued at $827,000 after acquiring an additional 3,430 shares in the last quarter. Allied Investment Advisors LLC boosted its stake in Wells Fargo & Company by 3.8% in the first quarter. Allied Investment Advisors LLC now owns 170,011 shares of the financial services provider’s stock valued at $8,239,000 after acquiring an additional 6,249 shares in the last quarter. Cascade Investment Advisors Inc. boosted its stake in Wells Fargo & Company by 5,466.7% in the first quarter. Cascade Investment Advisors Inc. now owns 16,700 shares of the financial services provider’s stock valued at $809,000 after acquiring an additional 16,400 shares in the last quarter. Finally, Veriti Management LLC boosted its stake in Wells Fargo & Company by 4.6% in the first quarter. Veriti Management LLC now owns 49,790 shares of the financial services provider’s stock valued at $2,413,000 after acquiring an additional 2,195 shares in the last quarter. 74.01% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have issued reports on the stock. Barclays upped their price objective on shares of Wells Fargo & Company from $62.00 to $64.00 in a research note on Monday, April 18th. Piper Sandler set a $48.00 price objective on shares of Wells Fargo & Company in a research note on Monday. Morgan Stanley decreased their price objective on shares of Wells Fargo & Company from $72.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, March 28th. The Goldman Sachs Group upped their price objective on shares of Wells Fargo & Company from $54.00 to $56.00 in a research note on Thursday, April 14th. Finally, BMO Capital Markets decreased their target price on shares of Wells Fargo & Company from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, April 18th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.62.

WFC opened at $38.60 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $146.31 billion, a PE ratio of 8.02, a PEG ratio of 0.93 and a beta of 1.13. Wells Fargo & Company has a 1-year low of $36.54 and a 1-year high of $60.30. The firm has a 50-day moving average price of $43.55 and a two-hundred day moving average price of $49.10.

Wells Fargo & Company (NYSE:WFCGet Rating) last posted its quarterly earnings data on Thursday, April 14th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.07. The firm had revenue of $17.59 billion during the quarter, compared to analysts’ expectations of $17.82 billion. Wells Fargo & Company had a net margin of 25.35% and a return on equity of 12.20%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.05 EPS. On average, research analysts predict that Wells Fargo & Company will post 4.07 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Friday, May 6th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.59%. The ex-dividend date was Thursday, May 5th. Wells Fargo & Company’s payout ratio is presently 20.79%.

In other Wells Fargo & Company news, EVP Kleber Santos sold 22,700 shares of the firm’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $44.44, for a total value of $1,008,788.00. Following the completion of the sale, the executive vice president now owns 21,478 shares in the company, valued at approximately $954,482.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.05% of the company’s stock.

Wells Fargo & Company Profile (Get Rating)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

See Also

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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