Gabelli Funds LLC Sells 34,150 Shares of Wells Fargo & Company (NYSE:WFC)

Gabelli Funds LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 927,125 shares of the financial services provider’s stock after selling 34,150 shares during the period. Gabelli Funds LLC’s holdings in Wells Fargo & Company were worth $65,121,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Morse Asset Management Inc purchased a new position in shares of Wells Fargo & Company during the third quarter valued at approximately $487,000. Tudor Financial Inc. bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $468,000. Anchor Investment Management LLC raised its holdings in shares of Wells Fargo & Company by 5.5% in the third quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock valued at $898,000 after purchasing an additional 836 shares during the last quarter. World Investment Advisors LLC lifted its position in shares of Wells Fargo & Company by 1,263.8% during the third quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock valued at $4,261,000 after purchasing an additional 69,901 shares in the last quarter. Finally, Tidal Investments LLC grew its position in Wells Fargo & Company by 4.5% in the 3rd quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock worth $7,842,000 after purchasing an additional 5,946 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 1.1 %

WFC opened at $63.17 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The business’s fifty day simple moving average is $72.49 and its 200 day simple moving average is $71.02. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a market cap of $206.26 billion, a PE ratio of 11.74, a P/E/G ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is 28.73%.

Analysts Set New Price Targets

A number of brokerages recently commented on WFC. Piper Sandler decreased their price target on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday. Barclays lowered their target price on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, April 7th. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research report on Thursday, March 13th. Finally, Bank of America lowered their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.88.

About Wells Fargo & Company

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.