Titleist Asset Management LLC Trims Stake in Wells Fargo & Company (NYSE:WFC)

Titleist Asset Management LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 8.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,770 shares of the financial services provider’s stock after selling 596 shares during the quarter. Titleist Asset Management LLC’s holdings in Wells Fargo & Company were worth $476,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several research firms have recently commented on WFC. Bank of America reduced their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Barclays boosted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Morgan Stanley set a $79.00 price target on shares of Wells Fargo & Company in a report on Monday, March 24th. JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday. Finally, Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research note on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.50.

Wells Fargo & Company Trading Down 7.2 %

Wells Fargo & Company stock opened at $60.91 on Monday. The stock has a 50-day moving average price of $74.93 and a 200 day moving average price of $70.67. The company has a market capitalization of $198.89 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. 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 (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.86 EPS. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

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.