United Bank Buys New Position in Wells Fargo & Company (NYSE:WFC)

United Bank bought a new stake in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,357 shares of the financial services provider’s stock, valued at approximately $236,000.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $26,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $30,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at $30,000. Rakuten Securities Inc. grew its position in shares of Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 237 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on WFC. Piper Sandler upped their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. 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 target on the stock in a report on Thursday, March 13th. UBS Group upped their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Truist Financial lifted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.97.

Wells Fargo & Company Stock Down 2.2 %

Shares of Wells Fargo & Company stock opened at $70.71 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a 50-day moving average of $75.84 and a 200-day moving average of $70.03. The company has a market capitalization of $230.87 billion, a PE ratio of 13.14, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) 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 company 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 posted $0.86 EPS. Wells Fargo & Company’s quarterly revenue was down .5% on a year-over-year basis. As a group, equities 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 announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

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.