Sonata Capital Group Inc. Buys Shares of 3,115 Wells Fargo & Company (NYSE:WFC)

Sonata Capital Group Inc. purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,115 shares of the financial services provider’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. National Pension Service lifted its stake in Wells Fargo & Company by 15.2% during the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in Wells Fargo & Company by 2.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock worth $375,183,000 after purchasing an additional 162,066 shares during the period. Nordea Investment Management AB increased its stake in Wells Fargo & Company by 10.1% during the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock worth $441,983,000 after purchasing an additional 575,892 shares during the period. Two Sigma Advisers LP lifted its position in shares of Wells Fargo & Company by 730.4% during the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after purchasing an additional 5,237,500 shares in the last quarter. Finally, Canoe Financial LP purchased a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $160,529,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.7 %

Shares of Wells Fargo & Company stock opened at $79.66 on Wednesday. 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 company has a fifty day simple moving average of $73.97 and a 200-day simple moving average of $65.64. The stock has a market cap of $265.23 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.22 and a beta of 1.18. Wells Fargo & Company has a 12-month low of $47.59 and a 12-month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued 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. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 EPS. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be paid a $0.40 dividend. 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 (DPR) is presently 29.74%.

Analysts Set New Price Targets

Several brokerages recently weighed in on WFC. Truist Financial upped their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Barclays upped their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler lifted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. UBS Group boosted their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group increased their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and an average price target of $73.39.

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.