Stonegate Investment Group LLC Sells 1,753 Shares of Wells Fargo & Company (NYSE:WFC)

Stonegate Investment Group LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 4.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 37,014 shares of the financial services provider’s stock after selling 1,753 shares during the quarter. Stonegate Investment Group LLC’s holdings in Wells Fargo & Company were worth $1,822,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fortis Group Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its holdings in Wells Fargo & Company by 208.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock worth $26,000 after buying an additional 356,620 shares during the period. Studio Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at about $28,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company in the first quarter worth about $28,000. Finally, Baystate Wealth Management LLC grew its position in shares of Wells Fargo & Company by 53.0% during the third quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 278 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $57.36 on Wednesday. The stock has a market capitalization of $203.08 billion, a PE ratio of 11.90, a PEG ratio of 1.20 and a beta of 1.19. The company has a 50 day moving average price of $53.77 and a 200-day moving average price of $47.47. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.88 and a current ratio of 0.88. Wells Fargo & Company has a fifty-two week low of $36.27 and a fifty-two week high of $58.44.

Wells Fargo & Company (NYSE:WFCGet Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.30). The company had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.30 billion. Wells Fargo & Company had a net margin of 16.60% and a return on equity of 12.40%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.67 EPS. Equities analysts predict that Wells Fargo & Company will post 4.72 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s payout ratio is 29.05%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on WFC shares. HSBC boosted their target price on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $62.00 price objective (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Compass Point raised their price objective on Wells Fargo & Company from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. Raymond James boosted their target price on Wells Fargo & Company from $55.00 to $58.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 16th. Finally, Citigroup reissued a “neutral” rating and set a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $56.68.

View Our Latest Stock Analysis on WFC

About Wells Fargo & Company

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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