Fortress Financial Group LLC Acquires New Position in Wells Fargo & Company (NYSE:WFC)

Fortress Financial Group LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,261 shares of the financial services provider’s stock, valued at approximately $440,000.

A number of other large investors have also recently bought and sold shares of the business. Empowered Funds LLC lifted its stake in Wells Fargo & Company by 19.1% in the fourth quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock valued at $13,369,000 after buying an additional 30,510 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Wells Fargo & Company by 37.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock valued at $36,055,000 after purchasing an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in shares of Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after acquiring an additional 26,320 shares during the last quarter. Chartwell Investment Partners LLC lifted its stake in Wells Fargo & Company by 16.4% during the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after buying an additional 18,717 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Wells Fargo & Company by 14.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,027,696 shares of the financial services provider’s stock valued at $58,055,000 after acquiring an additional 131,322 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $76.61 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $255.06 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 1.18 and a beta of 1.18. The firm’s 50 day moving average is $75.71 and its 200-day moving average is $67.57. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. Wells Fargo & Company’s revenue for the quarter was down .5% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. Wells Fargo & Company’s dividend payout ratio is 29.74%.

Analysts Set New Price Targets

WFC has been the subject of several research analyst reports. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group upped their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Keefe, Bruyette & Woods raised their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, 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 research note on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.