OneAscent Financial Services LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 31.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,389 shares of the financial services provider's stock after acquiring an additional 6,376 shares during the quarter. OneAscent Financial Services LLC's holdings in Wells Fargo & Company were worth $1,854,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Cinctive Capital Management LP acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth $17,132,000. DKM Wealth Management Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $531,000. Massachusetts Financial Services Co. MA increased its stake in Wells Fargo & Company by 28.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,846,015 shares of the financial services provider's stock worth $199,904,000 after acquiring an additional 626,791 shares during the last quarter. Meeder Advisory Services Inc. increased its stake in Wells Fargo & Company by 2.5% during the fourth quarter. Meeder Advisory Services Inc. now owns 61,516 shares of the financial services provider's stock worth $4,321,000 after acquiring an additional 1,518 shares during the last quarter. Finally, Potomac Fund Management Inc. ADV purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $1,958,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
WFC has been the subject of a number of research reports. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday. Morgan Stanley set a $79.00 target price on shares of Wells Fargo & Company in a research note on Monday, March 24th. Bank of America decreased their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Barclays raised their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.50.
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Wells Fargo & Company Stock Performance
Shares of WFC stock traded down $4.76 during trading hours on Friday, reaching $60.91. The stock had a trading volume of 31,028,896 shares, compared to its average volume of 17,231,670. The firm has a 50-day simple moving average of $74.93 and a 200-day simple moving average of $70.44. The firm has a market capitalization of $198.89 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during 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%. Wells Fargo & Company's revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 EPS. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.
Wells Fargo & Company Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company's payout ratio is currently 29.74%.
About Wells Fargo & Company
(Free Report)
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.
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