Powers Advisory Group LLC Purchases New Shares in Wells Fargo & Company (NYSE:WFC)

Powers Advisory Group LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,441 shares of the financial services provider’s stock, valued at approximately $242,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Narus Financial Partners LLC lifted its holdings in shares of Wells Fargo & Company by 19.3% in the fourth quarter. Narus Financial Partners LLC now owns 4,773 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 773 shares in the last quarter. Evernest Financial Advisors LLC raised its position in Wells Fargo & Company by 35.4% during the fourth quarter. Evernest Financial Advisors LLC now owns 5,341 shares of the financial services provider’s stock valued at $375,000 after buying an additional 1,397 shares during the period. Granite Harbor Advisors Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth about $226,000. Cibc World Market Inc. boosted its position in Wells Fargo & Company by 108.7% during the 4th quarter. Cibc World Market Inc. now owns 1,310,390 shares of the financial services provider’s stock worth $92,042,000 after acquiring an additional 682,636 shares during the period. Finally, Mediolanum International Funds Ltd boosted its position in Wells Fargo & Company by 120.0% during the 4th quarter. Mediolanum International Funds Ltd now owns 812,001 shares of the financial services provider’s stock worth $57,033,000 after acquiring an additional 442,935 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.7 %

WFC stock opened at $78.89 on Friday. The stock has a market capitalization of $262.67 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The company has a 50-day moving average of $73.45 and a two-hundred day moving average of $64.48. Wells Fargo & Company has a 52-week low of $47.45 and a 52-week high of $79.24. 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 (NYSE:WFC) last released 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. The firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 EPS. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.84 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on WFC. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research report on Tuesday, October 8th. Morgan Stanley increased their target price 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. Piper Sandler boosted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Compass Point upped their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price objective for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company 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.