Sound View Wealth Advisors Group LLC Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

Sound View Wealth Advisors Group LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 6.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 7,248 shares of the financial services provider’s stock after selling 541 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Wells Fargo & Company were worth $509,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $26,000. Truvestments Capital LLC acquired a new position in Wells Fargo & Company in the 3rd quarter valued at about $29,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $30,000. McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company during the 4th quarter worth $30,000. Finally, Decker Retirement Planning Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth about $32,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFC has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Barclays increased their price objective 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. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, 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, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Trading Down 2.3 %

Shares of WFC stock opened at $71.01 on Monday. The firm’s 50-day simple moving average is $76.10 and its 200-day simple moving average is $68.59. 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 has a 1-year low of $50.15 and a 1-year high of $81.50. The firm has a market cap of $233.50 billion, a P/E ratio of 13.20, a PEG ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue 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, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wells Fargo & Company 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.