Strategic Financial Concepts LLC Invests $2.26 Million in Wells Fargo & Company (NYSE:WFC)

Strategic Financial Concepts LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 32,210 shares of the financial services provider’s stock, valued at approximately $2,262,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truvestments Capital LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $29,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $30,000. Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $32,000. MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $34,000. Finally, FSA Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $79.05 on Tuesday. The business’s 50 day moving average is $73.89 and its two-hundred day moving average is $65.51. Wells Fargo & Company has a 52-week low of $47.59 and a 52-week high of $81.50. The firm has a market cap of $263.21 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 1.22 and a beta of 1.18. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the business earned $0.86 EPS. The business’s quarterly revenue was down .5% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Analysts Set New Price Targets

WFC has been the subject of a number of recent research reports. Citigroup lifted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. The Goldman Sachs Group lifted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Evercore ISI lifted their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler lifted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $73.39.

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.