WFA Asset Management Corp Buys 5,424 Shares of Wells Fargo & Company (NYSE:WFC)

WFA Asset Management Corp lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 892.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,032 shares of the financial services provider's stock after purchasing an additional 5,424 shares during the period. WFA Asset Management Corp's holdings in Wells Fargo & Company were worth $424,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth $29,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at $30,000. Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at $32,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Wells Fargo & Company during the third quarter valued at $34,000. Finally, FSA Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the third quarter valued at $34,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a report on Friday, December 6th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research report on Thursday, January 16th. Finally, Barclays upped their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $73.39.

Wells Fargo & Company Stock Performance

NYSE:WFC traded up $0.74 during mid-day trading on Wednesday, hitting $80.21. 10,841,572 shares of the company's stock traded hands, compared to its average volume of 14,707,956. The firm has a 50 day moving average of $73.66 and a two-hundred day moving average of $65.06. Wells Fargo & Company has a 12 month low of $47.45 and a 12 month high of $80.35. The firm has a market capitalization of $267.05 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 1.19 and a beta of 1.18. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

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 for the quarter, beating the consensus estimate 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 the consensus estimate of $20.58 billion. During the same quarter in the prior year, the company earned $0.86 EPS. The firm's revenue for the quarter was down .5% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 1.99%. 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.