Brave Asset Management Inc. Sells 1,604 Shares of Wells Fargo & Company (NYSE:WFC)

Brave Asset Management Inc. lowered its stake in Wells Fargo & Company (NYSE:WFC) by 33.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,187 shares of the financial services provider’s stock after selling 1,604 shares during the quarter. Brave Asset Management Inc.’s holdings in Wells Fargo & Company were worth $224,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in WFC. National Pension Service boosted its position in Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after buying an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Wells Fargo & Company by 2.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock valued at $375,183,000 after acquiring an additional 162,066 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Wells Fargo & Company by 10.1% during the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock valued at $441,983,000 after acquiring an additional 575,892 shares in the last quarter. Two Sigma Advisers LP grew its position in Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after acquiring an additional 5,237,500 shares during the last quarter. Finally, Canoe Financial LP acquired a new position in Wells Fargo & Company in the 3rd quarter worth about $160,529,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

WFC has been the topic of several research reports. UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Truist Financial initiated coverage on shares of Wells Fargo & Company in a report on Tuesday, January 7th. They set a “buy” rating and a $82.00 target price on the stock. Barclays raised their price target on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup boosted their price objective on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, Keefe, Bruyette & Woods raised their target price on Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a research report on Tuesday, December 3rd. Twelve research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.92.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $75.86 on Thursday. The stock has a 50-day moving average of $72.41 and a 200-day moving average of $63.15. Wells Fargo & Company has a one year low of $46.12 and a one year high of $78.13. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $252.58 billion, a PE ratio of 15.77, a P/E/G ratio of 1.39 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 earnings per share. On average, equities research analysts predict that Wells Fargo & Company will post 5.45 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Wells Fargo & 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.