Prentice Wealth Management LLC Has $536,000 Position in Wells Fargo & Company (NYSE:WFC)

Prentice Wealth Management LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 7.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,242 shares of the financial services provider’s stock after acquiring an additional 626 shares during the period. Prentice Wealth Management LLC’s holdings in Wells Fargo & Company were worth $536,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Wells Fargo & Company during the 4th quarter worth $2,623,044,000. LSV Asset Management grew its position in Wells Fargo & Company by 40.4% during the 4th quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock worth $458,162,000 after acquiring an additional 2,677,050 shares during the last quarter. Morningstar Investment Services LLC grew its position in Wells Fargo & Company by 103.7% during the 4th quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after acquiring an additional 1,951,477 shares during the last quarter. Nordea Investment Management AB grew its position in Wells Fargo & Company by 42.7% during the 4th quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after acquiring an additional 1,729,132 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its position in Wells Fargo & Company by 91.5% during the 4th quarter. 1832 Asset Management L.P. now owns 3,503,169 shares of the financial services provider’s stock worth $172,426,000 after acquiring an additional 1,673,917 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

WFC stock traded down $0.12 during mid-day trading on Wednesday, hitting $57.08. The company had a trading volume of 13,108,395 shares, compared to its average volume of 18,362,051. The company has a market capitalization of $199.00 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 1.41 and a beta of 1.17. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The company has a 50-day moving average price of $59.59 and a 200 day moving average price of $54.92.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. The firm had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 EPS. On average, research analysts anticipate that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.45%. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on WFC shares. Jefferies Financial Group boosted their price objective on Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. HSBC upped their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. upped their price target on Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $64.00 target price on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $59.15.

Wells Fargo & Company Company Profile

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