Griffin Asset Management Inc. Has $17.38 Million Stake in Wells Fargo & Company (NYSE:WFC)

Griffin Asset Management Inc. trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.5% during the fourth quarter, HoldingsChannel reports. The fund owned 247,435 shares of the financial services provider’s stock after selling 1,217 shares during the quarter. Wells Fargo & Company comprises approximately 2.0% of Griffin Asset Management Inc.’s holdings, making the stock its 5th largest position. Griffin Asset Management Inc.’s holdings in Wells Fargo & Company were worth $17,380,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Verde Servicos Internacionais S.A. bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $21,787,000. Greenup Street Wealth Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter worth $1,511,000. Lebenthal Global Advisors LLC increased its stake in Wells Fargo & Company by 3.0% during the fourth quarter. Lebenthal Global Advisors LLC now owns 15,109 shares of the financial services provider’s stock valued at $1,061,000 after purchasing an additional 433 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Wells Fargo & Company by 15.8% during the fourth quarter. Foundations Investment Advisors LLC now owns 24,881 shares of the financial services provider’s stock worth $1,748,000 after purchasing an additional 3,398 shares during the period. Finally, Parsons Capital Management Inc. RI grew its position in shares of Wells Fargo & Company by 3.1% during the 4th quarter. Parsons Capital Management Inc. RI now owns 5,931 shares of the financial services provider’s stock valued at $417,000 after buying an additional 177 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WFC. Morgan Stanley increased their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler boosted 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 note on Tuesday, December 3rd. UBS Group raised their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Evercore ISI lifted their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Truist Financial raised their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Price Performance

Shares of WFC opened at $77.90 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company’s fifty day simple moving average is $73.19 and its 200 day simple moving average is $64.10. Wells Fargo & Company has a 1-year low of $47.45 and a 1-year high of $78.30. The company has a market cap of $259.37 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.17 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.86 EPS. On average, research analysts forecast that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

About Wells Fargo & Company

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.