1248 Management LLC Makes New Investment in Wells Fargo & Company $WFC

1248 Management LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) in the first quarter, HoldingsChannel reports. The firm bought 436 shares of the financial services provider’s stock, valued at approximately $31,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Safeguard Investment Advisory Group LLC grew its holdings in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after buying an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. grew its holdings in Wells Fargo & Company by 4.3% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock valued at $241,000 after purchasing an additional 139 shares during the period. Nwam LLC grew its holdings in Wells Fargo & Company by 1.6% in the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock valued at $632,000 after purchasing an additional 142 shares during the period. PGIM Custom Harvest LLC lifted its position in Wells Fargo & Company by 3.5% during the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider’s stock valued at $303,000 after buying an additional 142 shares in the last quarter. Finally, Tradition Wealth Management LLC lifted its position in Wells Fargo & Company by 0.5% during the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider’s stock valued at $2,184,000 after buying an additional 143 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.3%

NYSE WFC opened at $81.46 on Friday. The company’s fifty day simple moving average is $80.38 and its 200-day simple moving average is $75.16. Wells Fargo & Company has a 52 week low of $51.75 and a 52 week high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock has a market cap of $260.95 billion, a P/E ratio of 13.95, a PEG ratio of 1.26 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period in the previous year, the company posted $1.33 earnings per share. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is presently 30.82%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. The Goldman Sachs Group reduced their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Truist Financial lifted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $82.56.

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.