Element Wealth LLC boosted its position in Wells Fargo & Company (NYSE:WFC – Get Rating) by 2.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,076 shares of the financial services provider's stock after acquiring an additional 455 shares during the period. Wells Fargo & Company accounts for 0.6% of Element Wealth LLC's investment portfolio, making the stock its 25th biggest position. Element Wealth LLC's holdings in Wells Fargo & Company were worth $647,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. RGT Wealth Advisors LLC lifted its stake in Wells Fargo & Company by 21.9% in the third quarter. RGT Wealth Advisors LLC now owns 13,532 shares of the financial services provider's stock worth $544,000 after acquiring an additional 2,432 shares during the period. GFG Capital LLC lifted its position in shares of Wells Fargo & Company by 1.9% in the 3rd quarter. GFG Capital LLC now owns 25,442 shares of the financial services provider's stock worth $1,023,000 after purchasing an additional 471 shares during the period. Mach 1 Financial Group LLC bought a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at about $135,000. Apollon Wealth Management LLC lifted its holdings in Wells Fargo & Company by 5.2% in the third quarter. Apollon Wealth Management LLC now owns 42,905 shares of the financial services provider's stock worth $1,726,000 after buying an additional 2,109 shares during the period. Finally, Alpha Family Trust bought a new stake in Wells Fargo & Company during the 3rd quarter valued at approximately $289,000. Hedge funds and other institutional investors own 72.24% of the company's stock.
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Several research firms recently weighed in on WFC. Morgan Stanley dropped their price target on Wells Fargo & Company from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, December 15th. StockNews.com initiated coverage on Wells Fargo & Company in a report on Wednesday, October 12th. They issued a "hold" rating on the stock. Cfra upgraded Wells Fargo & Company to a "buy" rating and set a $50.00 price target for the company in a report on Friday, January 13th. Piper Sandler cut shares of Wells Fargo & Company from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $49.00 to $47.00 in a research note on Tuesday, January 17th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Wells Fargo & Company from $46.50 to $49.50 in a research note on Wednesday, November 2nd. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $52.09.
Wells Fargo & Company Stock Performance
NYSE WFC traded up $0.74 during trading hours on Friday, hitting $47.97. 6,460,754 shares of the company's stock traded hands, compared to its average volume of 19,379,381. Wells Fargo & Company has a 52 week low of $36.54 and a 52 week high of $60.30. The firm has a market capitalization of $182.79 billion, a P/E ratio of 15.04, a P/E/G ratio of 0.95 and a beta of 1.19. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.08. The business's fifty day moving average price is $43.55 and its two-hundred day moving average price is $43.96.Wells Fargo & Company (NYSE:WFC – Get Rating) last posted its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Wells Fargo & Company had a return on equity of 9.28% and a net margin of 15.91%. The firm had revenue of $19.66 billion during the quarter, compared to analyst estimates of $20.04 billion. During the same period in the prior year, the business posted $1.38 EPS. Wells Fargo & Company's revenue was down 5.7% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Company will post 4.86 EPS for the current year.
Wells Fargo & Company Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Friday, February 3rd will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, February 2nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.50%. Wells Fargo & Company's payout ratio is currently 38.22%.
Wells Fargo & Company Company Profile
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Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
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