Grove Street Fiduciary LLC Acquires New Position in Wells Fargo & Company (NYSE:WFC)

Grove Street Fiduciary LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 3,766 shares of the financial services provider’s stock, valued at approximately $265,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Empowered Funds LLC grew its position in shares of 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 purchasing an additional 30,510 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Wells Fargo & Company by 37.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after purchasing an additional 173,083 shares during the period. Atlantic Union Bankshares Corp grew its holdings in 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 buying an additional 26,320 shares in the last quarter. Chartwell Investment Partners LLC increased its position in shares of 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 during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Wells Fargo & Company by 14.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,027,696 shares of the financial services provider’s stock valued at $58,055,000 after buying an additional 131,322 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WFC. Evercore ISI raised their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial raised their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Citigroup boosted their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Morgan Stanley increased their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Piper Sandler boosted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $78.69 on Friday. The company has a market capitalization of $262.00 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.20 and a beta of 1.18. The business has a 50 day moving average of $75.06 and a 200 day moving average of $66.73. 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 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data 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 firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the business posted $0.86 EPS. The business’s quarterly revenue was down .5% on a year-over-year basis. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.03%. Wells Fargo & Company’s payout ratio is 29.74%.

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.