New Jersey Better Educational Savings Trust Makes New Investment in Wells Fargo & Company (NYSE:WFC)

New Jersey Better Educational Savings Trust acquired a new position in Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,398 shares of the financial services provider's stock, valued at approximately $239,000. Wells Fargo & Company accounts for about 0.5% of New Jersey Better Educational Savings Trust's portfolio, making the stock its 23rd biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Americana Partners LLC lifted its stake in Wells Fargo & Company by 762.2% in the fourth quarter. Americana Partners LLC now owns 75,791 shares of the financial services provider's stock valued at $5,324,000 after buying an additional 67,001 shares during the period. Financiere des Professionnels Fonds d investissement inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $1,656,000. Capital Performance Advisors LLP lifted its stake in Wells Fargo & Company by 146.4% in the fourth quarter. Capital Performance Advisors LLP now owns 4,346 shares of the financial services provider's stock valued at $305,000 after buying an additional 2,582 shares during the period. Sierra Ocean LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $188,000. Finally, J.W. Cole Advisors Inc. lifted its stake in Wells Fargo & Company by 4.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 40,735 shares of the financial services provider's stock valued at $2,861,000 after buying an additional 1,754 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $0.29 on Wednesday, hitting $80.49. 8,922,992 shares of the stock were exchanged, compared to its average volume of 15,013,002. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $267.99 billion, a PE ratio of 14.97, a P/E/G ratio of 1.20 and a beta of 1.18. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The firm's 50 day moving average is $74.72 and its two-hundred day moving average is $66.55.

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

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 1.99%. Wells Fargo & Company's dividend payout ratio is currently 29.74%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent research reports. 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 report on Thursday, January 16th. Evercore ISI boosted their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Morgan Stanley boosted their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Citigroup boosted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a report on Tuesday, November 19th. Finally, Piper Sandler boosted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Hold" and a consensus price target of $73.39.

Wells Fargo & 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.