Evercore Wealth Management LLC Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

Evercore Wealth Management LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 0.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,995 shares of the financial services provider’s stock after selling 209 shares during the period. Evercore Wealth Management LLC’s holdings in Wells Fargo & Company were worth $2,599,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Morse Asset Management Inc acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $487,000. Tudor Financial Inc. bought a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $468,000. Anchor Investment Management LLC increased its stake in Wells Fargo & Company by 5.5% during the third quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock valued at $898,000 after purchasing an additional 836 shares during the last quarter. World Investment Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 1,263.8% in the 3rd quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock valued at $4,261,000 after buying an additional 69,901 shares during the period. Finally, Tidal Investments LLC grew its position in shares of Wells Fargo & Company by 4.5% during the 3rd 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 during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on WFC shares. Barclays lowered their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Bank of America dropped their target price 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. JPMorgan Chase & Co. reduced their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Piper Sandler decreased their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.34.

Wells Fargo & Company Price Performance

Shares of WFC opened at $67.91 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market cap of $221.74 billion, a PE ratio of 12.62, a PEG ratio of 1.18 and a beta of 1.02. The firm’s 50 day moving average price is $70.44 and its 200 day moving average price is $71.26. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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 net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the business earned $1.20 EPS. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. As a group, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

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.