Meridian Wealth Partners LLC Sells 33,242 Shares of Wells Fargo & Company (NYSE:WFC)

Meridian Wealth Partners LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 78.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,997 shares of the financial services provider's stock after selling 33,242 shares during the period. Meridian Wealth Partners LLC's holdings in Wells Fargo & Company were worth $632,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. King Luther Capital Management Corp raised its stake in Wells Fargo & Company by 1.4% during the 3rd quarter. King Luther Capital Management Corp now owns 85,680 shares of the financial services provider's stock worth $4,840,000 after buying an additional 1,200 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Wells Fargo & Company by 1.6% during the 3rd quarter. Pacer Advisors Inc. now owns 252,386 shares of the financial services provider's stock valued at $14,257,000 after purchasing an additional 4,061 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in shares of Wells Fargo & Company by 10.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 169,501 shares of the financial services provider's stock valued at $9,575,000 after purchasing an additional 15,411 shares in the last quarter. 49 Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $256,000. Finally, Allen Capital Group LLC increased its stake in Wells Fargo & Company by 17.2% during the 3rd quarter. Allen Capital Group LLC now owns 7,264 shares of the financial services provider's stock worth $410,000 after purchasing an additional 1,064 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have recently weighed in on WFC shares. Barclays upped their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Compass Point upped their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods increased their target price 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. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Finally, The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $74.18.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $0.01 during mid-day trading on Tuesday, reaching $74.27. The stock had a trading volume of 9,426,359 shares, compared to its average volume of 16,416,712. The stock 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 $244.21 billion, a PE ratio of 13.80, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. 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 (NYSE:WFC - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company's revenue was down .5% compared to the same quarter last year. During the same period last year, the firm posted $0.86 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

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

Wells Fargo & 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.