27,875 Shares in Wells Fargo & Company (NYSE:WFC) Acquired by Potomac Fund Management Inc. ADV

Potomac Fund Management Inc. ADV bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 27,875 shares of the financial services provider's stock, valued at approximately $1,958,000. Wells Fargo & Company comprises 1.8% of Potomac Fund Management Inc. ADV's investment portfolio, making the stock its 6th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rialto Wealth Management LLC bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. raised its stake in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after acquiring an additional 237 shares in the last quarter. Modus Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $30,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $30,000. Finally, Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analysts Set New Price Targets

WFC has been the topic of several recent research reports. Morgan Stanley raised their price target 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 raised their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group upped 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. Citigroup cut their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Finally, UBS Group boosted 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. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average target price of $74.97.

Remove Ads

Wells Fargo & Company Stock Down 0.7 %

NYSE:WFC traded down $0.52 during mid-day trading on Tuesday, hitting $71.27. 10,659,106 shares of the company's stock were exchanged, compared to its average volume of 17,129,811. The company has a market cap of $232.72 billion, a PE ratio of 13.25, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The business has a fifty day moving average price of $75.60 and a 200 day moving average price of $70.42.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for 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 quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.86 EPS. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company's payout ratio is 29.74%.

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.