FormulaFolio Investments LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 14,688 shares of the financial services provider’s stock, valued at approximately $443,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Hoover Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the fourth quarter worth $30,000. RMR Wealth Builders acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $30,000. Key Financial Inc acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $31,000. Flagship Private Wealth LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $31,000. Finally, Safeguard Investment Advisory Group LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $34,000. 67.25% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently commented on WFC. Piper Sandler lifted their price objective on shares of Wells Fargo & Company from $25.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, December 21st. Raymond James lifted their price objective on shares of Wells Fargo & Company from $37.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 3rd. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Monday, March 15th. Keefe, Bruyette & Woods boosted their target price on shares of Wells Fargo & Company from $36.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 18th. Finally, TheStreet downgraded shares of Wells Fargo & Company from a “b-” rating to a “c” rating in a research report on Wednesday, February 24th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $35.00.
Wells Fargo & Company (NYSE:WFC) last released its earnings results on Thursday, January 14th. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.04. The business had revenue of $17.93 billion during the quarter, compared to analysts’ expectations of $18 billion. Wells Fargo & Company had a net margin of 3.72% and a return on equity of 3.18%. The company’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share. On average, analysts expect that Wells Fargo & Company will post 0.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 1st. Investors of record on Friday, February 5th were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, February 4th. This represents a $0.40 annualized dividend and a yield of 1.00%. Wells Fargo & Company’s dividend payout ratio is presently 9.13%.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
Read More: What is an inverted yield curve?
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.