Twin Capital Management Inc. Reduces Holdings in Wells Fargo & Company $WFC

Twin Capital Management Inc. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 23.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,540 shares of the financial services provider’s stock after selling 18,608 shares during the period. Wells Fargo & Company comprises about 0.6% of Twin Capital Management Inc.’s holdings, making the stock its 29th largest position. Twin Capital Management Inc.’s holdings in Wells Fargo & Company were worth $5,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in WFC. Brighton Jones LLC lifted its stake in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 2.5% in the 2nd quarter. Venturi Wealth Management LLC now owns 8,633 shares of the financial services provider’s stock valued at $692,000 after acquiring an additional 209 shares during the period. Clear Creek Financial Management LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at $214,000. McElhenny Sheffield Capital Management LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter valued at $27,000. Finally, Leo Wealth LLC boosted its stake in Wells Fargo & Company by 24.0% during the 2nd quarter. Leo Wealth LLC now owns 5,938 shares of the financial services provider’s stock worth $476,000 after purchasing an additional 1,149 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on WFC. Bank of America lifted their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Dbs Bank raised Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Robert W. Baird cut Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. HSBC reissued a “hold” rating and issued a $74.00 target price on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Finally, Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Thirteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.92.

Wells Fargo & Company Stock Up 2.1%

Shares of NYSE WFC opened at $93.93 on Friday. The stock has a market capitalization of $294.85 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 1.01 and a beta of 1.09. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $97.76. The firm has a 50-day moving average price of $91.64 and a 200 day moving average price of $85.66. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The company had revenue of $11.97 billion during the quarter, compared to analysts’ expectations of $21.63 billion. During the same period last year, the company posted $1.43 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $1.80 annualized dividend and a yield of 1.9%. Wells Fargo & Company’s payout ratio is currently 28.71%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.