Foresight Global Investors Inc. Reduces Position in Wells Fargo & Company (NYSE:WFC)

Foresight Global Investors Inc. decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 15.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,020 shares of the financial services provider’s stock after selling 3,423 shares during the quarter. Foresight Global Investors Inc.’s holdings in Wells Fargo & Company were worth $936,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Arlington Trust Co LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Tennessee Valley Asset Management Partners bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $29,000. Fortis Group Advisors LLC purchased a new position in shares of Wells Fargo & Company in the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $32,000. Finally, Bfsg LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded up $0.07 during midday trading on Thursday, reaching $61.30. 14,223,917 shares of the stock traded hands, compared to its average volume of 18,845,982. The stock has a market cap of $213.71 billion, a P/E ratio of 12.79, a PEG ratio of 1.16 and a beta of 1.18. The stock’s fifty day moving average is $57.99 and its 200-day moving average is $50.70. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 12 month low of $37.18 and a 12 month high of $61.76.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same period in the prior year, the company earned $1.23 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.08 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a $0.35 dividend. The ex-dividend date is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.28%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WFC shares. Jefferies Financial Group upped their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Argus upped their price objective on Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Compass Point reiterated a “neutral” rating and set a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 price target (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Finally, Piper Sandler lowered their price objective on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 16th. Fourteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $58.99.

Wells Fargo & Company 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.