Exchange Traded Concepts LLC Lowers Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Exchange Traded Concepts LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 18.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,189 shares of the financial services provider’s stock after selling 28,985 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Wells Fargo & Company were worth $9,285,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company in the second quarter worth $26,000. Truvestments Capital LLC purchased a new stake in Wells Fargo & Company during the third quarter valued at about $29,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $30,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $77.23 on Friday. The firm has a market cap of $257.13 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 1.17 and a beta of 1.18. The firm has a fifty day moving average price of $73.13 and a 200 day moving average price of $63.92. Wells Fargo & Company has a fifty-two week low of $47.45 and a fifty-two week high of $78.30. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on WFC shares. Evercore ISI raised their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a report on Monday, October 14th. Piper Sandler lifted their price target 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. Morgan Stanley boosted their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company 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.