L2 Asset Management LLC Trims Stock Holdings in Wells Fargo & Company $WFC

L2 Asset Management LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 29.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,077 shares of the financial services provider’s stock after selling 16,270 shares during the quarter. L2 Asset Management LLC’s holdings in Wells Fargo & Company were worth $3,642,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Diversified Trust Co. increased its holdings in Wells Fargo & Company by 59.7% during the 4th quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider’s stock worth $3,289,000 after purchasing an additional 13,196 shares during the period. Swiss Life Asset Management Ltd increased its holdings in Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock worth $32,673,000 after purchasing an additional 14,168 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Wells Fargo & Company by 19.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider’s stock worth $49,610,000 after purchasing an additional 84,902 shares during the period. Natixis Advisors LLC boosted its position in Wells Fargo & Company by 4.2% during the 3rd quarter. Natixis Advisors LLC now owns 3,482,885 shares of the financial services provider’s stock valued at $291,935,000 after acquiring an additional 139,659 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its position in Wells Fargo & Company by 101.4% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 32,470 shares of the financial services provider’s stock valued at $2,722,000 after acquiring an additional 16,350 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on WFC shares. Piper Sandler reaffirmed an “overweight” rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Jefferies Financial Group started coverage on Wells Fargo & Company in a research report on Thursday, March 26th. They set a “buy” rating and a $100.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Barclays dropped their target price on Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 15th. Finally, Evercore reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.53.

Wells Fargo & Company Stock Down 0.7%

Wells Fargo & Company stock opened at $83.18 on Tuesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $254.56 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 0.98 and a beta of 0.93. Wells Fargo & Company has a 1-year low of $72.30 and a 1-year high of $97.76. The business has a fifty day moving average price of $79.61 and a 200-day moving average price of $84.65.

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

Wells Fargo & Company Announces Dividend

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

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.