Hennessy Advisors Inc. Has $8.76 Million Stake in Wells Fargo & Company (NYSE:WFC)

Hennessy Advisors Inc. reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,700 shares of the financial services provider's stock after selling 4,600 shares during the period. Hennessy Advisors Inc.'s holdings in Wells Fargo & Company were worth $8,759,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of WFC. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company in the 2nd quarter worth about $25,000. Strategic Investment Solutions Inc. IL acquired a new position in Wells Fargo & Company in the 2nd quarter worth about $26,000. Truvestments Capital LLC acquired a new position in Wells Fargo & Company in the 3rd quarter worth about $29,000. Modus Advisors LLC acquired a new position in Wells Fargo & Company in the 4th quarter worth about $30,000. Finally, Decker Retirement Planning Inc. acquired a new position in Wells Fargo & Company in the 4th quarter worth about $32,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on WFC. Piper Sandler increased their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. Morgan Stanley increased their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the company an "overweight" rating in a report on Thursday. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a report on Thursday. Citigroup increased their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a report on Tuesday, November 19th. Finally, Truist Financial increased their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a report on Thursday. Twelve investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $72.17.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $1.27 during midday trading on Friday, hitting $77.22. 20,609,919 shares of the company were exchanged, compared to its average volume of 12,688,081. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $257.11 billion, a P/E ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a 52 week low of $46.12 and a 52 week high of $78.13. The firm has a 50 day simple moving average of $72.60 and a 200-day simple moving average of $63.33.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company's revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $0.86 EPS. Research analysts forecast that Wells Fargo & Company will post 5.45 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 33.26%.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.