Edgestream Partners L.P. Takes Position in Wells Fargo & Company (NYSE:WFC)

Edgestream Partners L.P. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,354 shares of the financial services provider's stock, valued at approximately $1,219,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Mesirow Financial Investment Management Inc. raised its position in Wells Fargo & Company by 111.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider's stock valued at $1,947,000 after purchasing an additional 18,138 shares in the last quarter. Covestor Ltd lifted its position in Wells Fargo & Company by 17.3% in the 3rd quarter. Covestor Ltd now owns 1,326 shares of the financial services provider's stock worth $75,000 after buying an additional 196 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in Wells Fargo & Company by 22.6% in the third quarter. Axxcess Wealth Management LLC now owns 80,033 shares of the financial services provider's stock worth $4,521,000 after buying an additional 14,728 shares in the last quarter. Mayflower Financial Advisors LLC raised its stake in shares of Wells Fargo & Company by 3.6% during the third quarter. Mayflower Financial Advisors LLC now owns 5,316 shares of the financial services provider's stock worth $300,000 after acquiring an additional 184 shares in the last quarter. Finally, Baker Avenue Asset Management LP lifted its holdings in shares of Wells Fargo & Company by 4.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 28,151 shares of the financial services provider's stock worth $1,590,000 after acquiring an additional 1,194 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded up $2.16 during trading on Wednesday, hitting $69.44. 9,511,258 shares of the company's stock traded hands, compared to its average volume of 16,602,606. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The business has a 50-day simple moving average of $75.96 and a 200-day simple moving average of $68.74. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $228.32 billion, a P/E ratio of 12.91, a PEG ratio of 1.18 and a beta of 1.16.

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 for the quarter, beating analysts' consensus estimates 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 net margin of 15.73% and a return on equity of 12.38%. The firm's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 earnings per share. As a group, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company's payout ratio is 29.74%.

Wall Street Analyst Weigh In

WFC has been the subject of several recent research reports. 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. Piper Sandler lifted their price target on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. Citigroup raised their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a "neutral" rating in a report on Tuesday, November 19th. The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a research report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $73.39.

Wells Fargo & Company Company Profile

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.