Convergence Investment Partners LLC Has $4.17 Million Position in Wells Fargo & Company (NYSE:WFC)

Convergence Investment Partners LLC raised its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 14.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,369 shares of the financial services provider's stock after buying an additional 7,286 shares during the period. Wells Fargo & Company accounts for about 0.9% of Convergence Investment Partners LLC's investment portfolio, making the stock its 24th biggest position. Convergence Investment Partners LLC's holdings in Wells Fargo & Company were worth $4,170,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Income Research & Management acquired a new position in shares of Wells Fargo & Company during the third quarter worth approximately $211,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. McClarren Financial Advisors Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. Decker Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $35,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 2.1 %

NYSE:WFC traded down $1.66 during trading hours on Thursday, hitting $78.69. The stock had a trading volume of 14,800,325 shares, compared to its average volume of 15,174,527. The business's 50 day moving average is $75.06 and its 200-day moving average is $66.73. 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 has a one year low of $50.15 and a one year high of $81.50. The company has a market cap of $262.00 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 1.21 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The firm's revenue was down .5% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company's dividend payout ratio is 29.74%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. UBS Group upped their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Barclays boosted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $73.39.

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.