Wells Fargo & Company (NYSE:WFC) Shares Purchased by GeoWealth Management LLC

GeoWealth Management LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 23.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 22,309 shares of the financial services provider’s stock after purchasing an additional 4,243 shares during the quarter. GeoWealth Management LLC’s holdings in Wells Fargo & Company were worth $1,567,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in WFC. Norges Bank acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $3,365,658,000. Nordea Investment Management AB lifted its position in shares of Wells Fargo & Company by 10.1% during the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock worth $441,983,000 after purchasing an additional 575,892 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Wells Fargo & Company by 6.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider’s stock worth $389,707,000 after purchasing an additional 352,821 shares in the last quarter. FIL Ltd increased its holdings in Wells Fargo & Company by 2.6% in the fourth quarter. FIL Ltd now owns 4,138,814 shares of the financial services provider’s stock valued at $290,710,000 after buying an additional 104,136 shares during the last quarter. Finally, Korea Investment CORP raised its stake in Wells Fargo & Company by 53.9% in the fourth quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after buying an additional 1,150,443 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Piper Sandler dropped their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Citigroup dropped their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Raymond James reduced their price objective on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday, April 14th. Barclays cut their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Keefe, Bruyette & Woods lifted 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. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.34.

Wells Fargo & Company Stock Up 1.0 %

Shares of Wells Fargo & Company stock opened at $64.63 on Friday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company has a market cap of $211.02 billion, a P/E ratio of 12.01, a PEG ratio of 1.18 and a beta of 1.02. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a fifty day moving average of $71.23 and a two-hundred day moving average of $71.05.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the prior year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.48%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

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.