Longbow Finance SA Raises Holdings in Wells Fargo & Company (NYSE:WFC)

Longbow Finance SA grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 90.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 157,710 shares of the financial services provider’s stock after buying an additional 74,784 shares during the period. Wells Fargo & Company accounts for 1.2% of Longbow Finance SA’s investment portfolio, making the stock its 20th largest position. Longbow Finance SA’s holdings in Wells Fargo & Company were worth $11,078,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in WFC. Truvestments Capital LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter valued at $29,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $32,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $77.10 on Tuesday. 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 firm has a market capitalization of $256.72 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The business’s 50-day moving average price is $75.30 and its 200-day moving average price is $67.28. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same period in the prior year, the company earned $0.86 EPS. The company’s revenue was down .5% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.08%. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WFC. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Truist Financial increased their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Morgan Stanley increased their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Barclays increased their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Citigroup increased their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & 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.