Wedge Capital Management L L P NC Sells 122,238 Shares of Wells Fargo & Company (NYSE:WFC)

Wedge Capital Management L L P NC cut its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 18.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 557,510 shares of the financial services provider's stock after selling 122,238 shares during the period. Wedge Capital Management L L P NC's holdings in Wells Fargo & Company were worth $39,160,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company in the second quarter worth approximately $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the third quarter worth approximately $29,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $30,000. Finally, Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 1.7 %

WFC stock traded up $1.27 on Friday, reaching $77.22. The company's stock had a trading volume of 20,609,919 shares, compared to its average volume of 12,688,081. The business has a fifty day simple moving average of $72.74 and a two-hundred day simple moving average of $63.44. Wells Fargo & Company has a 12-month low of $46.12 and a 12-month high of $78.13. The firm has a market cap of $257.11 billion, a PE ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.18. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

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

Wells Fargo & Company Announces Dividend

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

Wall Street Analyst Weigh In

WFC has been the topic of several research analyst reports. UBS Group upped their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Compass Point increased their price target 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. Truist Financial increased their price target 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. Citigroup increased their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Twelve analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Hold" and a consensus target price of $72.17.

Wells Fargo & Company Profile

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.