Traynor Capital Management Inc. Acquires 2,533 Shares of Wells Fargo & Company (NYSE:WFC)

Traynor Capital Management Inc. grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 29.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,059 shares of the financial services provider’s stock after buying an additional 2,533 shares during the quarter. Traynor Capital Management Inc.’s holdings in Wells Fargo & Company were worth $544,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of WFC. Fortis Group Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the third quarter valued at approximately $25,000. Studio Investment Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at approximately $28,000. Baystate Wealth Management LLC lifted its holdings in Wells Fargo & Company by 53.0% during the third quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock worth $33,000 after buying an additional 278 shares during the period. Finally, Impact Partnership Wealth LLC purchased a new stake in Wells Fargo & Company during the third quarter worth $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC traded up $0.35 during midday trading on Friday, hitting $57.96. 14,618,982 shares of the company were exchanged, compared to its average volume of 19,896,764. The company’s 50 day simple moving average is $53.00 and its 200 day simple moving average is $47.01. The firm has a market capitalization of $205.20 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 1.20 and a beta of 1.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24. Wells Fargo & Company has a 1-year low of $36.27 and a 1-year high of $58.44.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.30). The company had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. Wells Fargo & Company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 4.72 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.42%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio is currently 29.05%.

Analyst Ratings Changes

WFC has been the subject of a number of analyst reports. Morgan Stanley upped their target price on Wells Fargo & Company from $54.00 to $63.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th. Barclays upped their target price on Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $51.00 target price on shares of Wells Fargo & Company in a report on Tuesday, January 9th. Finally, The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, December 1st. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $55.85.

Wells Fargo & Company Profile

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.