Wells Fargo & Company (NYSE:WFC) Stake Lifted by Carnegie Investment Counsel

Carnegie Investment Counsel grew its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 30.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 25,959 shares of the financial services provider's stock after buying an additional 6,008 shares during the period. Carnegie Investment Counsel's holdings in Wells Fargo & Company were worth $1,823,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in WFC. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company during the 2nd quarter worth $26,000. Truvestments Capital LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter worth $29,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth $30,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company during the 3rd quarter worth $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

WFC traded up $1.27 on Friday, hitting $77.22. 20,609,919 shares of the company's stock were exchanged, compared to its average volume of 12,688,081. The firm has a market cap of $257.11 billion, a PE ratio of 16.05, a P/E/G ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a twelve month low of $46.12 and a twelve month high of $78.13. The stock has a fifty day moving average of $72.74 and a two-hundred day moving average of $63.44. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data 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. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same quarter in the prior year, the business earned $0.86 earnings per share. Wells Fargo & Company's quarterly revenue was down .5% on a year-over-year basis. On average, research analysts anticipate that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.07%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 33.26%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WFC. Phillip Securities raised shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and upped their price target for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a report on Thursday. Piper Sandler boosted their price objective 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. Finally, Evercore ISI boosted their price objective 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. Twelve research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $72.17.

Wells Fargo & 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.