Summit X LLC Has $278,000 Stock Position in Wells Fargo & Company (NYSE:WFC)

Summit X LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 9.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,958 shares of the financial services provider’s stock after buying an additional 352 shares during the quarter. Summit X LLC’s holdings in Wells Fargo & Company were worth $278,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $26,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $30,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $30,000. Decker Retirement Planning Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $68.98 on Thursday. The stock has a market capitalization of $226.83 billion, a P/E ratio of 12.82, a PEG ratio of 1.18 and a beta of 1.16. 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’s 50 day moving average is $75.94 and its 200 day moving average is $68.74. 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 results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Compass Point upped their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. UBS Group upped their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group upped their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.