ProVise Management Group LLC Sells 19,102 Shares of Wells Fargo & Company (NYSE:WFC)

ProVise Management Group LLC lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 352,167 shares of the financial services provider's stock after selling 19,102 shares during the quarter. Wells Fargo & Company accounts for about 2.1% of ProVise Management Group LLC's investment portfolio, making the stock its 13th biggest holding. ProVise Management Group LLC's holdings in Wells Fargo & Company were worth $24,736,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the business. Rialto Wealth Management LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth $26,000. Truvestments Capital LLC bought a new stake in Wells Fargo & Company during the third quarter worth $29,000. Modus Advisors LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth $30,000. McClarren Financial Advisors Inc. bought a new stake in Wells Fargo & Company during the fourth quarter worth $30,000. Finally, Rakuten Securities Inc. raised its position in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after acquiring an additional 237 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of WFC traded down $0.01 during mid-day trading on Friday, reaching $72.51. The company had a trading volume of 32,620,920 shares, compared to its average volume of 16,441,602. The company's 50 day simple moving average is $75.95 and its 200 day simple moving average is $69.42. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year 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. The company has a market capitalization of $238.43 billion, a price-to-earnings ratio of 13.48, a P/E/G ratio of 1.18 and a beta of 1.16.

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Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion for 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%. The firm's quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. Analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.21%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on WFC shares. Barclays increased their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday, January 16th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, January 16th. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a research report on Thursday, March 13th. Compass Point increased their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Finally, Piper Sandler increased their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $74.39.

About Wells Fargo & Company

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.