Sound Shore Management Inc CT Sells 153,469 Shares of Wells Fargo & Company $WFC

Sound Shore Management Inc CT lessened its stake in Wells Fargo & Company (NYSE:WFC) by 14.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 925,667 shares of the financial services provider’s stock after selling 153,469 shares during the period. Wells Fargo & Company makes up approximately 2.6% of Sound Shore Management Inc CT’s holdings, making the stock its 25th largest position. Sound Shore Management Inc CT’s holdings in Wells Fargo & Company were worth $77,589,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $3,990,551,000. Massachusetts Financial Services Co. MA lifted its holdings in Wells Fargo & Company by 54.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider’s stock valued at $1,332,851,000 after acquiring an additional 5,894,747 shares during the period. Amundi boosted its position in Wells Fargo & Company by 18.2% in the second quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock worth $1,165,868,000 after purchasing an additional 2,180,693 shares during the last quarter. Laurel Wealth Advisors LLC grew its stake in shares of Wells Fargo & Company by 8,010.7% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider’s stock valued at $158,135,000 after purchasing an additional 1,949,395 shares during the period. Finally, Mawer Investment Management Ltd. purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at about $147,165,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC stock opened at $89.08 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90. The company’s fifty day moving average price is $91.94 and its 200-day moving average price is $85.85. Wells Fargo & Company has a one year low of $58.42 and a one year high of $97.76. The company has a market capitalization of $279.63 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.01 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results 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 company had revenue of $11.97 billion for 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%. Wells Fargo & Company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.43 EPS. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, February 6th. Wells Fargo & Company’s payout ratio is 28.71%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on WFC shares. CICC Research assumed coverage on shares of Wells Fargo & Company in a report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 price objective on the stock. Wolfe Research reiterated an “outperform” rating and issued a $109.00 price target on shares of Wells Fargo & Company in a research report on Wednesday, January 7th. Truist Financial cut their price objective on shares of 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. Bank of America upped their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Wednesday, January 21st. Thirteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.29.

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.