Simmons Bank Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Simmons Bank lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 36.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,005 shares of the financial services provider’s stock after selling 5,199 shares during the quarter. Simmons Bank’s holdings in Wells Fargo & Company were worth $443,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of WFC. Fortis Group Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter valued at about $25,000. Arlington Trust Co LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its stake in shares of Wells Fargo & Company by 208.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 356,620 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock traded up $0.98 during midday trading on Wednesday, hitting $61.24. 13,577,873 shares of the stock were exchanged, compared to its average volume of 18,829,303. The stock’s 50-day moving average price is $57.86 and its 200-day moving average price is $50.62. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market cap of $213.50 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.16 and a beta of 1.18. Wells Fargo & Company has a fifty-two week low of $37.18 and a fifty-two week high of $61.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 EPS. Research analysts predict that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Company’s payout ratio is currently 29.23%.

Analyst Ratings Changes

A number of brokerages have issued reports on WFC. Piper Sandler cut their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 16th. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price on the stock. in a report on Thursday, January 18th. The Goldman Sachs Group boosted their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Jefferies Financial Group increased their price objective on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 target price (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Fourteen analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $58.99.

Wells Fargo & Company Company Profile

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.