Delta Asset Management LLC TN Sells 9,775 Shares of Wells Fargo & Company (NYSE:WFC)

Delta Asset Management LLC TN cut its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 434,098 shares of the financial services provider's stock after selling 9,775 shares during the quarter. Wells Fargo & Company makes up 2.7% of Delta Asset Management LLC TN's portfolio, making the stock its 12th largest position. Delta Asset Management LLC TN's holdings in Wells Fargo & Company were worth $30,491,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at approximately $29,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $30,000. McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. increased its stake in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Down 2.2 %

Shares of Wells Fargo & Company stock traded down $1.57 on Friday, hitting $70.71. The stock had a trading volume of 13,550,316 shares, compared to its average volume of 17,140,434. The stock has a 50 day moving average of $75.84 and a 200 day moving average of $70.03. The firm has a market capitalization of $230.87 billion, a P/E ratio of 13.14, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Remove Ads

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. During the same quarter last year, the firm earned $0.86 earnings per share. The company's revenue for the quarter was down .5% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal 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 $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Wall Street Analyst Weigh In

A number of research analysts have commented on WFC shares. Royal Bank of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a report on Thursday, March 13th. Citigroup lowered their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. Compass Point boosted their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group upped their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Nine 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 presently has an average rating of "Moderate Buy" and an average target price of $74.97.

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.