Mount Lucas Management LP Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Mount Lucas Management LP trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 5.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,825 shares of the financial services provider’s stock after selling 957 shares during the quarter. Mount Lucas Management LP’s holdings in Wells Fargo & Company were worth $1,182,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Leavell Investment Management Inc. lifted its holdings in Wells Fargo & Company by 1.3% in the third quarter. Leavell Investment Management Inc. now owns 21,342 shares of the financial services provider’s stock valued at $1,206,000 after acquiring an additional 281 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter valued at approximately $2,300,000. Assetmark Inc. lifted its stake in shares of Wells Fargo & Company by 5.6% in the 3rd quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider’s stock valued at $21,620,000 after purchasing an additional 20,149 shares during the period. Lindbrook Capital LLC boosted its holdings in Wells Fargo & Company by 1.7% during the third quarter. Lindbrook Capital LLC now owns 21,019 shares of the financial services provider’s stock worth $1,187,000 after buying an additional 345 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. grew its position in Wells Fargo & Company by 111.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock valued at $1,947,000 after buying an additional 18,138 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WFC has been the subject of a number of 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. Citigroup increased their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Barclays lifted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Trading Down 2.3 %

WFC opened at $71.01 on Monday. The firm has a market capitalization of $233.50 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company’s 50 day simple moving average is $76.10 and its two-hundred day simple moving average is $68.59. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year 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) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 earnings per share. Analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal 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 given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. 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.