AdvisorNet Financial Inc Has $895,000 Holdings in Wells Fargo & Company (NYSE:WFC)

AdvisorNet Financial Inc cut its stake in Wells Fargo & Company (NYSE:WFC) by 31.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,744 shares of the financial services provider’s stock after selling 5,795 shares during the period. AdvisorNet Financial Inc’s holdings in Wells Fargo & Company were worth $895,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. WINTON GROUP Ltd bought a new position in Wells Fargo & Company during the second quarter valued at about $225,000. Edgestream Partners L.P. acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $272,000. E Fund Management Co. Ltd. increased its position in shares of Wells Fargo & Company by 9.7% during the second quarter. E Fund Management Co. Ltd. now owns 21,947 shares of the financial services provider’s stock valued at $1,303,000 after purchasing an additional 1,944 shares during the period. Meridian Wealth Partners LLC increased its position in shares of Wells Fargo & Company by 0.6% during the second quarter. Meridian Wealth Partners LLC now owns 42,449 shares of the financial services provider’s stock valued at $2,521,000 after purchasing an additional 274 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of Wells Fargo & Company by 16.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 607,195 shares of the financial services provider’s stock valued at $34,546,000 after purchasing an additional 86,777 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research note on Tuesday, October 8th. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Truist Financial initiated coverage on shares of Wells Fargo & Company in a research report on Tuesday, January 7th. They issued a “buy” rating and a $82.00 price target for the company. Citigroup raised their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Twelve investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

Wells Fargo & Company Stock Up 6.6 %

Shares of NYSE:WFC opened at $75.86 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a market cap of $252.58 billion, a P/E ratio of 15.77, a P/E/G ratio of 1.47 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $46.12 and a 12 month high of $78.13. The company’s 50-day moving average price is $72.41 and its two-hundred day moving average price is $63.15.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 earnings per share. As a group, research analysts forecast that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.11%. Wells Fargo & Company’s payout ratio is 33.26%.

About Wells Fargo & Company

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.