Wells Fargo & Company (NYSE:WFC) Short Interest Update

Wells Fargo & Company (NYSE:WFC) was the recipient of a significant decline in short interest in January. As of January 15th, there was short interest totaling 33,658,519 shares, a decline of 12.3% from the December 31st total of 38,360,053 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average trading volume of 16,671,189 shares, the days-to-cover ratio is currently 2.0 days. Based on an average trading volume of 16,671,189 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.1% of the company’s stock are short sold.

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Allegheny Financial Group grew its position in Wells Fargo & Company by 2.2% during the 4th quarter. Allegheny Financial Group now owns 5,803 shares of the financial services provider’s stock worth $541,000 after purchasing an additional 125 shares during the last quarter. Cerro Pacific Wealth Advisors LLC raised its holdings in shares of Wells Fargo & Company by 61.9% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 6,717 shares of the financial services provider’s stock worth $626,000 after buying an additional 2,569 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Wells Fargo & Company by 6.3% during the fourth quarter. QRG Capital Management Inc. now owns 513,187 shares of the financial services provider’s stock worth $47,829,000 after buying an additional 30,559 shares during the period. Hidden Cove Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 4.8% during the fourth quarter. Hidden Cove Wealth Management LLC now owns 6,231 shares of the financial services provider’s stock valued at $581,000 after buying an additional 283 shares during the last quarter. Finally, Vista Capital Partners Inc. raised its stake in Wells Fargo & Company by 20.0% in the 4th quarter. Vista Capital Partners Inc. now owns 5,338 shares of the financial services provider’s stock worth $498,000 after acquiring an additional 890 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $92.25 on Tuesday. The company has a 50 day moving average of $91.06 and a two-hundred day moving average of $85.38. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $97.76. The company has a market cap of $289.59 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 0.99 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The firm had revenue of $11.97 billion during the quarter, compared to analyst estimates of $21.63 billion. During the same quarter in the prior year, the business posted $1.43 EPS. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Friday, February 6th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.71%.

Wall Street Analyst Weigh In

A number of research analysts have commented on WFC shares. Freedom Capital downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 15th. TD Cowen cut their price objective on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, January 15th. Truist Financial reduced their price objective on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. CICC Research started coverage on Wells Fargo & Company in a research report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 target price on the stock. Finally, Argus lifted their price target on Wells Fargo & Company from $94.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Thirteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average price target of $94.87.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.