Boltwood Capital Management Increases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Boltwood Capital Management lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,975 shares of the financial services provider’s stock after buying an additional 175 shares during the quarter. Boltwood Capital Management’s holdings in Wells Fargo & Company were worth $1,192,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of WFC. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company in the second quarter valued at $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at about $29,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $30,000. Finally, MidAtlantic Capital Management Inc. acquired a new position in Wells Fargo & Company during the third quarter worth approximately $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on WFC shares. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their target price for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Compass Point raised their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler increased their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a report on Monday, October 14th. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and an average price target of $67.57.

Wells Fargo & Company Trading Up 0.9 %

WFC traded up $0.64 on Monday, reaching $71.95. 2,649,016 shares of the company’s stock were exchanged, compared to its average volume of 6,576,367. Wells Fargo & Company has a twelve month low of $46.12 and a twelve month high of $78.13. The company’s 50 day moving average is $71.51 and its 200-day moving average is $62.51. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $239.56 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.47 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.43 earnings per share for the current 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 of this dividend was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.22%. Wells Fargo & Company’s payout ratio is currently 33.26%.

Insider Activity

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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.