Main Street Research LLC Acquires 780 Shares of Wells Fargo & Company (NYSE:WFC)

Main Street Research LLC raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,358 shares of the financial services provider’s stock after buying an additional 780 shares during the period. Main Street Research LLC’s holdings in Wells Fargo & Company were worth $1,002,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company in the third quarter worth about $25,000. Arlington Trust Co LLC bought a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its position in Wells Fargo & Company by 208.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 356,620 shares during the period. Studio Investment Management LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $28,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company during the 1st quarter valued at $28,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $0.42 during trading hours on Tuesday, hitting $56.55. The company’s stock had a trading volume of 13,853,704 shares, compared to its average volume of 18,519,322. The stock has a market cap of $200.21 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $58.44. The company has a 50 day moving average of $55.08 and a 200 day moving average of $48.44. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.10 by $0.10. The company had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 earnings per share. On average, sell-side analysts forecast that Wells Fargo & Company will post 4.68 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s payout ratio is presently 29.23%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on WFC shares. Morgan Stanley lifted their target price on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday. Barclays increased their target price on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Argus lifted their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a report on Monday. HSBC boosted their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Finally, Piper Sandler cut their target price on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, January 16th. Thirteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average price target of $58.85.

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.