Gotham Asset Management LLC Has $5.29 Million Stake in Wells Fargo & Company (NYSE:WFC)

Gotham Asset Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.8% in the fourth quarter, Holdings Channel reports. The fund owned 75,310 shares of the financial services provider’s stock after acquiring an additional 2,064 shares during the period. Gotham Asset Management LLC’s holdings in Wells Fargo & Company were worth $5,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $28,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter worth about $30,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a report on Thursday, March 13th. Truist Financial dropped their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Barclays lowered their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Bank of America lowered their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $75.98 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 stock has a market capitalization of $247.25 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The firm’s 50-day moving average price is $69.14 and its two-hundred day moving average price is $72.32.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.11%. Wells Fargo & Company’s dividend payout ratio is 28.73%.

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.