Freemont Management S.A. Sells 32,700 Shares of Wells Fargo & Company $WFC

Freemont Management S.A. trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 88.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,400 shares of the financial services provider’s stock after selling 32,700 shares during the period. Freemont Management S.A.’s holdings in Wells Fargo & Company were worth $369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hilton Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $3,656,000. Mawer Investment Management Ltd. purchased a new stake in Wells Fargo & Company in the third quarter worth about $147,165,000. Guerra Advisors Inc increased its stake in shares of Wells Fargo & Company by 43.2% during the third quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock valued at $3,222,000 after purchasing an additional 11,594 shares in the last quarter. AlphaQuest LLC increased its stake in shares of Wells Fargo & Company by 1,121.0% during the third quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock valued at $2,018,000 after purchasing an additional 22,107 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Wells Fargo & Company by 54.2% during the third quarter. Smartleaf Asset Management LLC now owns 38,088 shares of the financial services provider’s stock valued at $3,224,000 after purchasing an additional 13,393 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of a number of analyst reports. CICC Research initiated coverage on Wells Fargo & Company in a research report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 price objective for the company. UBS Group reissued a “buy” rating and issued a $113.00 target price on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. Truist Financial lowered their price target on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $99.00 to $99.50 and gave the stock a “neutral” rating in a research note on Monday. Finally, Barclays raised their price objective on shares of Wells Fargo & Company from $94.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Thirteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $97.29.

Wells Fargo & Company Stock Performance

WFC stock opened at $86.18 on Friday. The stock’s fifty day moving average price is $91.86 and its 200-day moving average price is $85.85. The company has a market cap of $270.53 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $97.76. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The firm had revenue of $11.97 billion during the quarter, compared to the consensus estimate of $21.63 billion. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.43 EPS. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Friday, February 6th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is presently 28.71%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.