New England Research & Management Inc. Acquires New Shares in Wells Fargo & Company (NYSE:WFC)

New England Research & Management Inc. purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,605 shares of the financial services provider's stock, valued at approximately $675,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Washington Capital Management Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $232,000. Field & Main Bank raised its holdings in shares of Wells Fargo & Company by 4.7% in the fourth quarter. Field & Main Bank now owns 8,250 shares of the financial services provider's stock worth $579,000 after acquiring an additional 368 shares during the last quarter. Allen Capital Group LLC lifted its position in shares of Wells Fargo & Company by 10.9% in the fourth quarter. Allen Capital Group LLC now owns 8,056 shares of the financial services provider's stock valued at $566,000 after acquiring an additional 792 shares in the last quarter. Strategic Blueprint LLC boosted its stake in shares of Wells Fargo & Company by 12.7% during the fourth quarter. Strategic Blueprint LLC now owns 5,466 shares of the financial services provider's stock valued at $384,000 after acquiring an additional 618 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Wells Fargo & Company by 2,510.3% in the 4th quarter. Hantz Financial Services Inc. now owns 91,543 shares of the financial services provider's stock valued at $6,430,000 after purchasing an additional 88,036 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Evercore ISI raised 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. UBS Group lifted 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 note on Monday, December 9th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Compass Point lifted their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Finally, Truist Financial increased their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $73.39.

Wells Fargo & Company Stock Up 0.8 %

Wells Fargo & Company stock traded up $0.62 during midday trading on Thursday, hitting $78.99. 5,228,911 shares of the company were exchanged, compared to its average volume of 14,706,047. Wells Fargo & Company has a fifty-two week low of $47.45 and a fifty-two week high of $79.24. 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 $262.99 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 1.17 and a beta of 1.18. The company's fifty day moving average price is $73.45 and its 200-day moving average price is $64.48.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business's revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.86 earnings per share. On average, research analysts predict that Wells Fargo & Company will post 5.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

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.