Jackson Thornton Wealth Management LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Jackson Thornton Wealth Management LLC bought a new position in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 3,365 shares of the financial services provider’s stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Eagle Asset Management Inc. lifted its position in shares of Wells Fargo & Company by 10.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 169,501 shares of the financial services provider’s stock worth $9,575,000 after purchasing an additional 15,411 shares during the period. Meridian Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter worth about $504,000. Nwam LLC purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter worth about $309,000. Stonebrook Private Inc. purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter worth about $214,000. Finally, Great Valley Advisor Group Inc. lifted its position in shares of Wells Fargo & Company by 2.1% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 23,205 shares of the financial services provider’s stock worth $1,311,000 after purchasing an additional 487 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $72.51 on Monday. The company has a 50 day moving average price of $75.95 and a 200-day moving average price of $69.50. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm has a market capitalization of $238.43 billion, a PE ratio of 13.48, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS 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 earnings per share. The business’s revenue for the quarter was down .5% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.21%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Compass Point lifted their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research report on Thursday, March 13th. Piper Sandler lifted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Barclays lifted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.39.

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.