Grant Private Wealth Management Inc acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,948 shares of the financial services provider's stock, valued at approximately $558,000.
Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC grew its stake in Wells Fargo & Company by 19.1% in the fourth quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock valued at $13,369,000 after acquiring an additional 30,510 shares during the period. Valmark Advisers Inc. grew its position in shares of Wells Fargo & Company by 5.5% in the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after purchasing an additional 431 shares during the period. NatWest Group plc increased its stake in Wells Fargo & Company by 57.7% during the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock worth $12,115,000 after purchasing an additional 63,102 shares in the last quarter. Weiss Asset Management LP acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $10,451,000. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $1,656,000. Institutional investors and hedge funds own 75.90% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods lifted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a research note on Thursday, January 16th. Morgan Stanley set a $79.00 price target on Wells Fargo & Company in a report on Monday, March 24th. Citigroup decreased their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Finally, Bank of America cut their target price on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $75.55.
Check Out Our Latest Research Report on Wells Fargo & Company
Wells Fargo & Company Stock Performance
Wells Fargo & Company stock traded down $6.64 during midday trading on Thursday, reaching $65.62. 25,850,355 shares of the company's stock were exchanged, compared to its average volume of 17,157,369. The stock's 50-day simple moving average is $75.26 and its 200 day simple moving average is $70.40. The firm has a market cap of $214.27 billion, a price-to-earnings ratio of 12.20, 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 quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.
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 (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to analysts' expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business's revenue was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.86 earnings per share. On average, analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.
Wells Fargo & Company Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.44%. Wells Fargo & Company's dividend payout ratio (DPR) is 29.74%.
About Wells Fargo & Company
(
Free Report)
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.
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