Baxter Bros Inc. Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Baxter Bros Inc. cut its holdings in Wells Fargo & Company (NYSE:WFC) by 3.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 109,716 shares of the financial services provider’s stock after selling 3,550 shares during the quarter. Wells Fargo & Company makes up approximately 1.0% of Baxter Bros Inc.’s investment portfolio, making the stock its 26th biggest position. Baxter Bros Inc.’s holdings in Wells Fargo & Company were worth $7,706,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of WFC. Meridian Wealth Management LLC bought a new position in Wells Fargo & Company during the 3rd quarter valued at approximately $504,000. Nwam LLC purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $309,000. Great Valley Advisor Group Inc. lifted its position in Wells Fargo & Company by 2.1% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 23,205 shares of the financial services provider’s stock valued at $1,311,000 after acquiring an additional 487 shares in the last quarter. Algert Global LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at $3,981,000. Finally, Larson Financial Group LLC increased its holdings in shares of Wells Fargo & Company by 21.8% in the 3rd quarter. Larson Financial Group LLC now owns 6,129 shares of the financial services provider’s stock worth $346,000 after purchasing an additional 1,097 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $74.28 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a 50 day simple moving average of $76.03 and a two-hundred day simple moving average of $69.62. The stock has a market capitalization of $244.25 billion, a PE ratio of 13.81, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the firm posted $0.86 EPS. The business’s quarterly revenue was down .5% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analyst Ratings Changes

Several equities research analysts recently commented on WFC shares. Citigroup dropped their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Compass Point raised their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Piper Sandler raised their price target on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.18.

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.