Kovitz Investment Group Partners LLC Has $6.28 Million Stock Position in Wells Fargo & Company $WFC

Kovitz Investment Group Partners LLC lessened its position in Wells Fargo & Company (NYSE:WFC) by 74.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 67,364 shares of the financial services provider’s stock after selling 196,289 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Wells Fargo & Company were worth $6,278,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of WFC. Diversified Trust Co. boosted its position in shares of Wells Fargo & Company by 59.7% during the fourth quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider’s stock valued at $3,289,000 after buying an additional 13,196 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Wells Fargo & Company by 19.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider’s stock valued at $49,610,000 after buying an additional 84,902 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in Wells Fargo & Company by 4.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock valued at $32,673,000 after buying an additional 14,168 shares during the last quarter. Natixis Advisors LLC lifted its stake in Wells Fargo & Company by 4.2% during the 3rd quarter. Natixis Advisors LLC now owns 3,482,885 shares of the financial services provider’s stock valued at $291,935,000 after acquiring an additional 139,659 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in Wells Fargo & Company by 4.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock valued at $38,446,000 after acquiring an additional 17,302 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on WFC shares. Morgan Stanley reduced their target price on shares of Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. Piper Sandler reissued an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating on the stock in a report on Monday, March 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $98.24.

Wells Fargo & Company Price Performance

WFC opened at $82.31 on Friday. The firm has a 50-day moving average price of $79.70 and a 200-day moving average price of $84.59. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $251.89 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 0.96 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.02. The company had revenue of $11.62 billion for the quarter, compared to analysts’ expectations of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. During the same period in the prior year, the company posted $1.39 EPS. Wells Fargo & Company’s revenue was up 6.4% compared to the same quarter last year. Equities analysts expect that Wells Fargo & Company will post 6.86 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is currently 27.78%.

Wells Fargo & Company Company Profile

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.