Highland Capital Management LLC Increases Stock Position in Wells Fargo & Company (NYSE:WFC)

Highland Capital Management LLC increased its position in Wells Fargo & Company (NYSE:WFC) by 0.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 149,289 shares of the financial services provider’s stock after purchasing an additional 913 shares during the period. Highland Capital Management LLC’s holdings in Wells Fargo & Company were worth $7,348,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $25,000. Studio Investment Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company during the 1st quarter valued at $28,000. Baystate Wealth Management LLC raised its stake in Wells Fargo & Company by 53.0% during the 3rd quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock valued at $33,000 after buying an additional 278 shares during the last quarter. Finally, Impact Partnership Wealth LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.6 %

WFC opened at $57.61 on Thursday. The firm has a 50-day simple moving average of $52.78 and a two-hundred day simple moving average of $46.94. Wells Fargo & Company has a 52 week low of $36.27 and a 52 week high of $58.44. The company has a market capitalization of $203.96 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.86 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.30). Wells Fargo & Company had a net margin of 16.60% and a return on equity of 12.40%. The company had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.30 billion. During the same period last year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 4.72 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.05%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research reports. Raymond James boosted their target price on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 16th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 target price (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday. Robert W. Baird reissued a “neutral” rating and set a $55.00 price objective on shares of Wells Fargo & Company in a research report on Monday, January 8th. Compass Point boosted their price objective on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. Finally, Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, March 19th. Twelve equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $54.31.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.