Worth Asset Management LLC Purchases Shares of 33,123 Wells Fargo & Company (NYSE:WFC)

Worth Asset Management LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,123 shares of the financial services provider’s stock, valued at approximately $2,327,000. Wells Fargo & Company comprises 1.2% of Worth Asset Management LLC’s holdings, making the stock its 20th largest position.

Other hedge funds also recently modified their holdings of the company. Spartan Planning & Wealth Management acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $425,000. Diversified Trust Co lifted its holdings in Wells Fargo & Company by 41.6% during the 4th quarter. Diversified Trust Co now owns 34,468 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 10,133 shares during the last quarter. Bank of New Hampshire boosted its position in Wells Fargo & Company by 24.2% during the fourth quarter. Bank of New Hampshire now owns 1,515 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 295 shares during the period. Canandaigua National Trust Co of Florida acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at $355,000. Finally, Neville Rodie & Shaw Inc. raised its position in shares of Wells Fargo & Company by 41.6% in the fourth quarter. Neville Rodie & Shaw Inc. now owns 33,423 shares of the financial services provider’s stock valued at $2,347,000 after purchasing an additional 9,819 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on WFC shares. Truist Financial assumed coverage on shares of Wells Fargo & Company in a report on Tuesday. They issued a “buy” rating and a $82.00 price target on the stock. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Keefe, Bruyette & Woods upped their price objective on Wells Fargo & Company from $61.00 to $79.00 and gave the company a “market perform” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group lifted their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Compass Point upped their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Thirteen analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.24.

Insider Activity at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded down $0.27 during midday trading on Wednesday, hitting $71.32. 5,388,850 shares of the company traded hands, compared to its average volume of 10,271,652. The firm’s fifty day moving average price is $71.77 and its 200-day moving average price is $62.69. The stock has a market cap of $237.46 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.47 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $46.12 and a 12 month high of $78.13. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.39 earnings per share. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.43 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

About Wells Fargo & Company

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.