Convergence Investment Partners LLC Has $4.17 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Convergence Investment Partners LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 14.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 59,369 shares of the financial services provider’s stock after purchasing an additional 7,286 shares during the period. Wells Fargo & Company accounts for approximately 0.9% of Convergence Investment Partners LLC’s holdings, making the stock its 24th largest position. Convergence Investment Partners LLC’s holdings in Wells Fargo & Company were worth $4,170,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Truvestments Capital LLC bought a new stake in shares of Wells Fargo & Company in the third quarter valued at about $29,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $30,000. McClarren Financial Advisors Inc. acquired a new position in Wells Fargo & Company during the fourth quarter worth about $30,000. Decker Retirement Planning Inc. acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in Wells Fargo & Company during the 3rd quarter worth $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.9 %

NYSE WFC opened at $80.71 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a fifty day moving average of $74.72 and a two-hundred day moving average of $66.55. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm has a market capitalization of $268.72 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 1.20 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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 the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders 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 1.98%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Analysts Set New Price Targets

Several research firms have recently issued reports on WFC. Morgan Stanley raised 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 note on Thursday, January 16th. Keefe, Bruyette & Woods raised their price target on shares of 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 increased their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Compass Point boosted their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, UBS Group raised their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.39.

About Wells Fargo & Company

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.