USA Financial Formulas Purchases New Shares in Wells Fargo & Company (NYSE:WFC)

USA Financial Formulas acquired a new position in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, HoldingsChannel reports. The fund acquired 11,462 shares of the financial services provider’s stock, valued at approximately $805,000.

Other large investors also recently made changes to their positions in the company. Quad Cities Investment Group LLC lifted its position in Wells Fargo & Company by 0.3% during the 4th quarter. Quad Cities Investment Group LLC now owns 52,576 shares of the financial services provider’s stock worth $3,693,000 after buying an additional 158 shares in the last quarter. Investors Research Corp lifted its position in shares of Wells Fargo & Company by 1.2% during the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock worth $760,000 after purchasing an additional 160 shares in the last quarter. Ellenbecker Investment Group increased its holdings in shares of Wells Fargo & Company by 3.9% in the third quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 164 shares in the last quarter. Income Research & Management bought a new position in Wells Fargo & Company in the 3rd quarter worth approximately $211,000. Finally, Modera Wealth Management LLC lifted its holdings in Wells Fargo & Company by 0.9% during the 3rd quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after buying an additional 167 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 6.6 %

Shares of WFC stock opened at $75.86 on Thursday. Wells Fargo & Company has a 12-month low of $46.12 and a 12-month high of $78.13. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a fifty day moving average of $72.41 and a 200-day moving average of $63.15. The company has a market capitalization of $252.58 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 1.39 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Analysts Set New Price Targets

WFC has been the subject of a number of recent research reports. Truist Financial began coverage on Wells Fargo & Company in a research report on Tuesday, January 7th. They set a “buy” rating and a $82.00 target price for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Citigroup raised their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price target for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Finally, Evercore ISI increased their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Twelve research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.92.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.