Kelly Financial Services LLC Makes New $5.06 Million Investment in Wells Fargo & Company (NYSE:WFC)

Kelly Financial Services LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 71,978 shares of the financial services provider’s stock, valued at approximately $5,056,000. Wells Fargo & Company makes up 1.5% of Kelly Financial Services LLC’s holdings, making the stock its 16th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Edgestream Partners L.P. purchased a new position in Wells Fargo & Company during the second quarter worth $272,000. Benjamin Edwards Inc. lifted its position in shares of Wells Fargo & Company by 4.4% in the second quarter. Benjamin Edwards Inc. now owns 13,677 shares of the financial services provider’s stock valued at $812,000 after acquiring an additional 572 shares in the last quarter. AE Wealth Management LLC boosted its stake in shares of Wells Fargo & Company by 16.4% during the second quarter. AE Wealth Management LLC now owns 93,970 shares of the financial services provider’s stock valued at $5,581,000 after acquiring an additional 13,241 shares during the last quarter. Pacer Advisors Inc. increased its position in Wells Fargo & Company by 0.9% during the 2nd quarter. Pacer Advisors Inc. now owns 248,325 shares of the financial services provider’s stock worth $14,748,000 after purchasing an additional 2,255 shares in the last quarter. Finally, Summit Trail Advisors LLC raised its stake in Wells Fargo & Company by 36.0% in the 2nd quarter. Summit Trail Advisors LLC now owns 74,786 shares of the financial services provider’s stock valued at $4,442,000 after purchasing an additional 19,790 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research note on Tuesday, October 8th. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Compass Point boosted their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Morgan Stanley raised their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $77.22 on Friday. The firm has a fifty day moving average of $72.74 and a 200-day moving average of $63.44. Wells Fargo & Company has a 52-week low of $46.12 and a 52-week high of $78.13. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $257.11 billion, a P/E ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the firm earned $0.86 EPS. The firm’s quarterly revenue was down .5% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 5.45 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. Wells Fargo & Company’s payout ratio is currently 29.74%.

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.