Sierra Ocean LLC Buys New Stake in Wells Fargo & Company (NYSE:WFC)

Sierra Ocean LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 2,682 shares of the financial services provider’s stock, valued at approximately $188,000.

A number of other institutional investors also recently bought and sold shares of the business. Two Sigma Advisers LP raised its position in shares of Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after acquiring an additional 5,237,500 shares in the last quarter. Canoe Financial LP acquired a new stake in Wells Fargo & Company during the third quarter worth approximately $160,529,000. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after buying an additional 1,659,716 shares during the last quarter. Artemis Investment Management LLP boosted its holdings in shares of Wells Fargo & Company by 410.8% in the 4th quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after buying an additional 1,105,679 shares in the last quarter. Finally, National Pension Service raised its stake in Wells Fargo & Company by 15.2% during the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Evercore ISI raised their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. UBS Group boosted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Truist Financial raised their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Finally, Morgan Stanley upped their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Up 1.1 %

Wells Fargo & Company stock opened at $79.68 on Monday. The stock’s 50 day moving average price is $74.41 and its 200 day moving average price is $66.15. Wells Fargo & Company has a 1-year low of $48.62 and a 1-year high of $81.50. The company has a market cap of $265.29 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.22 and a beta of 1.18. 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 issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. Wells Fargo & Company’s payout ratio is 29.74%.

Wells Fargo & 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.