Belpointe Asset Management LLC Lowers Stake in Wells Fargo & Company (NYSE:WFC)

Belpointe Asset Management LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 7.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,100 shares of the financial services provider’s stock after selling 800 shares during the period. Belpointe Asset Management LLC’s holdings in Wells Fargo & Company were worth $709,000 as of its most recent SEC filing.

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

Wells Fargo & Company Trading Up 2.4 %

NYSE:WFC opened at $64.58 on Wednesday. The company has a 50-day moving average price of $72.15 and a 200-day moving average price of $70.97. The stock has a market cap of $210.87 billion, a price-to-earnings ratio of 12.00, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping 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 period last year, the business posted $1.20 earnings per share. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.48%. Wells Fargo & Company’s payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research reports. Piper Sandler cut 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. Raymond James cut their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday. Bank of America decreased their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. JPMorgan Chase & Co. dropped their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Finally, Barclays decreased their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.34.

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.