PCJ Investment Counsel Ltd. Purchases New Position in Wells Fargo & Company (NYSE:WFC)

PCJ Investment Counsel Ltd. acquired a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,850 shares of the financial services provider's stock, valued at approximately $1,465,000.

A number of other large investors also recently added to or reduced their stakes in WFC. Avidian Wealth Enterprises LLC lifted its stake in shares of Wells Fargo & Company by 9.7% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 8,160 shares of the financial services provider's stock valued at $461,000 after acquiring an additional 720 shares during the last quarter. Foster & Motley Inc. purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $289,000. Concurrent Investment Advisors LLC raised its stake in shares of Wells Fargo & Company by 1.6% during the third quarter. Concurrent Investment Advisors LLC now owns 41,403 shares of the financial services provider's stock valued at $2,339,000 after acquiring an additional 643 shares during the last quarter. Olympiad Research LP raised its position in Wells Fargo & Company by 66.5% during the 3rd quarter. Olympiad Research LP now owns 6,212 shares of the financial services provider's stock valued at $351,000 after purchasing an additional 2,480 shares during the last quarter. Finally, Consolidated Planning Corp increased its stake in shares of Wells Fargo & Company by 12.9% during the third quarter. Consolidated Planning Corp now owns 4,449 shares of the financial services provider's stock valued at $251,000 after buying an additional 507 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

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Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WFC. Truist Financial lifted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Compass Point raised 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. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Finally, Citigroup increased their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $73.39.

Wells Fargo & Company Stock Performance

WFC traded down $4.48 during midday trading on Monday, reaching $66.57. The company had a trading volume of 19,596,141 shares, compared to its average volume of 16,583,534. The business has a 50-day moving average of $76.10 and a two-hundred day moving average of $68.59. The company has a market cap of $218.90 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year 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 for the quarter, topping analysts' consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The business's quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts predict 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 was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.40%. 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.