Centricity Wealth Management LLC Invests $51,000 in Wells Fargo & Company (NYSE:WFC)

Centricity Wealth Management LLC bought a new position in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 733 shares of the financial services provider’s stock, valued at approximately $51,000.

A number of other institutional investors and hedge funds also recently modified their holdings of WFC. Hennion & Walsh Asset Management Inc. purchased a new stake in Wells Fargo & Company during the third quarter valued at about $637,000. Grimes & Company Inc. lifted its position in shares of Wells Fargo & Company by 3.1% in the 3rd quarter. Grimes & Company Inc. now owns 31,678 shares of the financial services provider’s stock valued at $1,789,000 after acquiring an additional 949 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Wells Fargo & Company by 8.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 96,400 shares of the financial services provider’s stock worth $5,446,000 after purchasing an additional 7,415 shares during the period. DT Investment Partners LLC grew its position in Wells Fargo & Company by 9.3% during the 3rd quarter. DT Investment Partners LLC now owns 3,851 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 327 shares in the last quarter. Finally, Financial Partners Group LLC grew its position in Wells Fargo & Company by 10.4% during the 3rd quarter. Financial Partners Group LLC now owns 16,011 shares of the financial services provider’s stock worth $904,000 after purchasing an additional 1,502 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WFC has been the subject of a number of research analyst reports. Citigroup increased their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Evercore ISI raised their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial upped their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. The Goldman Sachs Group increased their price target 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. Finally, Compass Point boosted their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $77.43 on Friday. The business’s 50-day simple moving average is $75.20 and its 200-day simple moving average is $66.90. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm has a market cap of $257.81 billion, a price-to-earnings ratio of 14.39, a P/E/G ratio of 1.20 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 earnings per share. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is 29.74%.

Wells Fargo & Company Company Profile

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.