Stonegate Investment Group LLC Makes New $1.43 Million Investment in Wells Fargo & Company (NYSE:WFC)

Stonegate Investment Group LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFCGet Rating) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 29,830 shares of the financial services provider’s stock, valued at approximately $1,431,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Level Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $25,000. MD Financial Management Inc. boosted its position in shares of Wells Fargo & Company by 98.2% during the third quarter. MD Financial Management Inc. now owns 654 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 324 shares in the last quarter. Addison Advisors LLC boosted its position in shares of Wells Fargo & Company by 141.0% during the fourth quarter. Addison Advisors LLC now owns 629 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 368 shares in the last quarter. Pinnacle Holdings LLC bought a new position in shares of Wells Fargo & Company during the third quarter worth $34,000. Finally, Bell Investment Advisors Inc bought a new position in shares of Wells Fargo & Company during the third quarter worth $37,000. 74.01% of the stock is owned by hedge funds and other institutional investors.

WFC traded up $1.11 on Tuesday, reaching $43.32. The company had a trading volume of 679,975 shares, compared to its average volume of 24,515,376. Wells Fargo & Company has a fifty-two week low of $40.92 and a fifty-two week high of $60.30. The stock has a market cap of $164.20 billion, a P/E ratio of 8.78, a P/E/G ratio of 1.01 and a beta of 1.14. The company’s fifty day moving average is $47.67 and its 200 day moving average is $50.56. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 0.80.

Wells Fargo & Company (NYSE:WFCGet Rating) last announced its quarterly earnings results on Thursday, April 14th. The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.07. Wells Fargo & Company had a net margin of 25.35% and a return on equity of 12.20%. The business had revenue of $17.59 billion for the quarter, compared to analyst estimates of $17.82 billion. During the same quarter in the prior year, the business earned $1.05 EPS. Wells Fargo & Company’s quarterly revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts expect that Wells Fargo & Company will post 4.14 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Investors of record on Friday, May 6th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, May 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 20.79%.

Several research firms recently commented on WFC. StockNews.com began coverage on shares of Wells Fargo & Company in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Argus boosted their price objective on shares of Wells Fargo & Company from $55.00 to $65.00 in a research report on Tuesday, January 18th. Atlantic Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $60.00 price objective on the stock in a research report on Tuesday, February 1st. Piper Sandler cut their price objective on shares of Wells Fargo & Company from $67.00 to $63.00 and set an “overweight” rating on the stock in a research report on Thursday, March 31st. Finally, Zacks Investment Research raised shares of Wells Fargo & Company from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a research report on Wednesday, February 16th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $58.78.

In related news, EVP Kleber Santos sold 22,700 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $44.44, for a total value of $1,008,788.00. Following the transaction, the executive vice president now owns 21,478 shares in the company, valued at approximately $954,482.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.05% of the stock is currently owned by corporate insiders.

Wells Fargo & Company Profile (Get Rating)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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