Centricity Wealth Management LLC Takes Position in Wells Fargo & Company (NYSE:WFC)

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

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WFC. Morgan Stanley lifted their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Barclays lifted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. The Goldman Sachs Group raised 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. Finally, Evercore ISI upped 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. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Performance

WFC stock opened at $77.43 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 50 day moving average price of $75.20 and a 200 day moving average price of $66.90. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market capitalization of $257.81 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.20 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released 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 return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the firm earned $0.86 EPS. The business’s revenue for the quarter was down .5% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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