Hoey Investments Inc. Has $11.46 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Hoey Investments Inc. grew its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 13.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 163,216 shares of the financial services provider's stock after acquiring an additional 19,620 shares during the quarter. Wells Fargo & Company accounts for 1.9% of Hoey Investments Inc.'s holdings, making the stock its 7th biggest position. Hoey Investments Inc.'s holdings in Wells Fargo & Company were worth $11,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of WFC. Spinnaker Trust lifted its holdings in Wells Fargo & Company by 1.8% during the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock valued at $520,000 after purchasing an additional 130 shares during the last quarter. MONECO Advisors LLC boosted its stake in Wells Fargo & Company by 1.9% in the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after purchasing an additional 134 shares during the period. Crown Wealth Group LLC lifted its stake in Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after purchasing an additional 140 shares in the last quarter. Jacobsen Capital Management boosted its holdings in Wells Fargo & Company by 2.8% in the 4th quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 148 shares during the period. Finally, New Republic Capital LLC grew its position in shares of Wells Fargo & Company by 2.9% during the 4th quarter. New Republic Capital LLC now owns 5,249 shares of the financial services provider's stock valued at $369,000 after purchasing an additional 149 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods increased their price target 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. UBS Group upped 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 note on Monday, December 9th. Truist Financial boosted their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, January 16th. Finally, Citigroup dropped their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $74.97.

Wells Fargo & Company Stock Performance

NYSE WFC traded down $0.52 during trading hours on Tuesday, hitting $71.27. The company's stock had a trading volume of 10,659,106 shares, compared to its average volume of 17,129,811. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company's 50 day simple moving average is $75.73 and its two-hundred day simple moving average is $70.29. 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 company has a market cap of $232.72 billion, a P/E ratio of 13.25, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results 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. The business had revenue of $20.38 billion for 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 for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.86 earnings per share. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders 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.