Clifford Swan Investment Counsel LLC Reduces Position in Wells Fargo & Company $WFC

Clifford Swan Investment Counsel LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 454,640 shares of the financial services provider’s stock after selling 8,161 shares during the quarter. Wells Fargo & Company comprises about 1.4% of Clifford Swan Investment Counsel LLC’s portfolio, making the stock its 16th biggest holding. Clifford Swan Investment Counsel LLC’s holdings in Wells Fargo & Company were worth $42,372,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vise Technologies Inc. boosted its position in shares of Wells Fargo & Company by 41.4% during the 4th quarter. Vise Technologies Inc. now owns 113,487 shares of the financial services provider’s stock valued at $10,577,000 after acquiring an additional 33,245 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Wells Fargo & Company by 2.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 516,347 shares of the financial services provider’s stock valued at $48,124,000 after acquiring an additional 9,959 shares during the last quarter. Sittner & Nelson LLC boosted its position in shares of Wells Fargo & Company by 1.4% during the 4th quarter. Sittner & Nelson LLC now owns 14,567 shares of the financial services provider’s stock valued at $1,369,000 after acquiring an additional 204 shares during the last quarter. Harold Davidson & Associates Inc. boosted its position in shares of Wells Fargo & Company by 0.7% during the 4th quarter. Harold Davidson & Associates Inc. now owns 27,059 shares of the financial services provider’s stock valued at $2,522,000 after acquiring an additional 198 shares during the last quarter. Finally, Crescent Grove Advisors LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $200,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the topic of several recent research reports. Piper Sandler reissued an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. HSBC raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research report on Wednesday, April 1st. Keefe, Bruyette & Woods lowered their price target on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.53.

Wells Fargo & Company Trading Up 3.6%

NYSE WFC opened at $81.50 on Friday. The firm has a 50 day simple moving average of $79.16 and a 200-day simple moving average of $84.72. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a one year low of $71.93 and a one year high of $97.76. The firm has a market cap of $249.41 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.92 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The business had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same quarter last year, the firm posted $1.39 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 6.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.78%.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Several reports said Wall Street remains bullish on Wells Fargo after the CEO offered a strong outlook, with 69% of covering analysts rating the stock a Buy and the average price target implying substantial upside. Street Bullish on Wells Fargo & Company (WFC) After CEO Offered Strong Outlook
• Positive Sentiment: Bank of America said Wells Fargo shares may be at an attractive entry point, arguing that the stock’s recent pullback looks larger than the deterioration in fundamentals and could appeal to value-focused investors. Wells Fargo shares at attractive entry point amid execution concerns
• Positive Sentiment: Investor interest has also picked up, with Zacks noting WFC has become a trending stock as market participants look for a buy case in the shares. Is Trending Stock Wells Fargo & Company (WFC) a Buy Now?
• Neutral Sentiment: Wells Fargo also drew attention for consumer-focused homebuying research and broader financial wellness commentary, but these items are more informational than directly material to near-term earnings. Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren’t and Don’t Know It

Wells Fargo & Company Profile

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.