Sound Shore Management Inc. CT Sells 219,396 Shares of Wells Fargo & Company (NYSE:WFC)

Sound Shore Management Inc. CT reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 12.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,553,099 shares of the financial services provider's stock after selling 219,396 shares during the quarter. Wells Fargo & Company accounts for approximately 3.6% of Sound Shore Management Inc. CT's investment portfolio, making the stock its 2nd largest holding. Sound Shore Management Inc. CT's holdings in Wells Fargo & Company were worth $109,090,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its holdings in shares of Wells Fargo & Company by 10.1% in the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider's stock valued at $441,983,000 after acquiring an additional 575,892 shares during the period. Two Sigma Advisers LP grew its stake in Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider's stock valued at $336,375,000 after purchasing an additional 5,237,500 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Wells Fargo & Company by 158.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider's stock worth $153,069,000 after purchasing an additional 1,659,716 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Wells Fargo & Company by 14.1% during the fourth quarter. Teacher Retirement System of Texas now owns 2,229,521 shares of the financial services provider's stock valued at $156,602,000 after buying an additional 274,886 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Wells Fargo & Company by 81.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,981,130 shares of the financial services provider's stock valued at $111,914,000 after buying an additional 889,953 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several research firms recently commented on WFC. Barclays boosted their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. 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. Finally, Keefe, Bruyette & Woods raised their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday, January 16th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $74.18.

Wells Fargo & Company Stock Performance

WFC traded down $0.68 during midday trading on Wednesday, hitting $73.56. 6,717,042 shares of the company were exchanged, compared to its average volume of 16,354,745. The company's 50 day simple moving average is $76.09 and its 200 day simple moving average is $69.76. The firm has a market capitalization of $241.87 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. 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 (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion during the quarter, compared to analysts' expectations of $20.58 billion. During the same period last year, the business earned $0.86 earnings per share. Wells Fargo & Company's quarterly revenue was down .5% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.18%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's dividend payout ratio is currently 29.74%.

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.