WealthPLAN Partners LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

WealthPLAN Partners LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,184 shares of the financial services provider’s stock, valued at approximately $224,000.

Several other hedge funds have also recently added to or reduced their stakes in WFC. Vontobel Holding Ltd. boosted its stake in Wells Fargo & Company by 106.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 48,233 shares of the financial services provider’s stock worth $2,725,000 after purchasing an additional 24,911 shares during the period. Good Life Advisors LLC boosted its stake in Wells Fargo & Company by 5.7% in the 3rd quarter. Good Life Advisors LLC now owns 11,797 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 637 shares during the period. Bleakley Financial Group LLC boosted its stake in Wells Fargo & Company by 10.3% in the 3rd quarter. Bleakley Financial Group LLC now owns 68,411 shares of the financial services provider’s stock worth $3,865,000 after purchasing an additional 6,367 shares during the period. Secure Asset Management LLC acquired a new position in Wells Fargo & Company in the 3rd quarter worth approximately $256,000. Finally, V Square Quantitative Management LLC boosted its stake in Wells Fargo & Company by 8.3% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,993 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 305 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 1.1 %

WFC opened at $79.68 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market cap of $265.29 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.22 and a beta of 1.18. The firm has a 50 day simple moving average of $74.41 and a 200 day simple moving average of $66.10. Wells Fargo & Company has a fifty-two week low of $48.62 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was down .5% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is 29.74%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Evercore ISI lifted their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. UBS Group lifted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Truist Financial lifted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $73.39.

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.