Camden National Bank Sells 825 Shares of Wells Fargo & Company (NYSE:WFC)

Camden National Bank cut its holdings in Wells Fargo & Company (NYSE:WFC) by 17.6% during the 4th quarter, Holdings Channel reports. The fund owned 3,866 shares of the financial services provider’s stock after selling 825 shares during the period. Camden National Bank’s holdings in Wells Fargo & Company were worth $272,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in WFC. Avidian Wealth Enterprises LLC raised its position in Wells Fargo & Company by 9.7% in the third quarter. Avidian Wealth Enterprises LLC now owns 8,160 shares of the financial services provider’s stock worth $461,000 after acquiring an additional 720 shares during the period. Foster & Motley Inc. bought a new position in Wells Fargo & Company in the third quarter worth approximately $289,000. Concurrent Investment Advisors LLC raised its position in Wells Fargo & Company by 1.6% in the third quarter. Concurrent Investment Advisors LLC now owns 41,403 shares of the financial services provider’s stock worth $2,339,000 after acquiring an additional 643 shares during the period. Olympiad Research LP raised its position in Wells Fargo & Company by 66.5% in the third quarter. Olympiad Research LP now owns 6,212 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 2,480 shares during the period. Finally, Consolidated Planning Corp raised its position in Wells Fargo & Company by 12.9% in the third quarter. Consolidated Planning Corp now owns 4,449 shares of the financial services provider’s stock worth $251,000 after acquiring an additional 507 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of several recent research reports. Citigroup increased 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 report on Tuesday, November 19th. UBS Group raised their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Piper Sandler raised their price objective 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. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $71.01 on Friday. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a market capitalization of $233.50 billion, a P/E ratio of 13.20, a PEG ratio of 1.18 and a beta of 1.16. The firm has a fifty day simple moving average of $76.10 and a two-hundred day simple moving average of $68.41. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the company posted $0.86 EPS. The business’s revenue was down .5% on a year-over-year basis. On average, analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.25%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.