L2 Asset Management LLC Trims Stock Holdings in Wells Fargo & Company $WFC

L2 Asset Management LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 29.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,077 shares of the financial services provider’s stock after selling 16,270 shares during the period. L2 Asset Management LLC’s holdings in Wells Fargo & Company were worth $3,642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company in the 4th quarter worth $25,000. Navalign LLC purchased a new position in Wells Fargo & Company in the 4th quarter worth $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the 4th quarter worth $28,000. Core Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the 4th quarter worth $29,000. Finally, Swiss RE Ltd. purchased a new position in Wells Fargo & Company in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $83.18 on Tuesday. The stock has a 50-day simple moving average of $79.61 and a two-hundred day simple moving average of $84.65. The firm has a market capitalization of $254.56 billion, a P/E ratio of 12.84, a PEG ratio of 0.98 and a beta of 0.93. Wells Fargo & Company has a fifty-two week low of $72.30 and a fifty-two week high of $97.76. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same quarter in the previous year, the business earned $1.39 EPS. Wells Fargo & Company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s payout ratio is currently 27.78%.

Analyst Ratings Changes

A number of equities analysts have weighed in on WFC shares. JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating for the company in a research note on Thursday, April 30th. HSBC upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Wednesday, April 1st. Morgan Stanley reduced their price objective on Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Keefe, Bruyette & Woods reduced their price objective on Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating for the company in a research note on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $97.53.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.