Summit Wealth & Retirement Planning Inc. Takes $226,000 Position in Wells Fargo & Company (NYSE:WFC)

Summit Wealth & Retirement Planning Inc. purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 3,223 shares of the financial services provider’s stock, valued at approximately $226,000.

Other institutional investors have also made changes to their positions in the company. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company during the third quarter worth $29,000. Modus Advisors LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $30,000. Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $32,000. MidAtlantic Capital Management Inc. bought a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $34,000. Finally, FSA Wealth Management LLC acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $34,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective 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. Keefe, Bruyette & Woods increased their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Piper Sandler upped their price objective 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. Citigroup lifted their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $80.76 on Friday. The firm has a 50-day moving average price of $73.89 and a two-hundred day moving average price of $65.43. Wells Fargo & Company has a 12-month low of $47.47 and a 12-month high of $81.50. The company has a market capitalization of $268.89 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.22 and a beta of 1.18. 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 (NYSE:WFC) last issued 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. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.86 earnings per share. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 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.