Brooklyn Investment Group Buys 1,051 Shares of Wells Fargo & Company (NYSE:WFC)

Brooklyn Investment Group increased its stake in Wells Fargo & Company (NYSE:WFC) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,269 shares of the financial services provider’s stock after buying an additional 1,051 shares during the period. Brooklyn Investment Group’s holdings in Wells Fargo & Company were worth $1,634,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company in the second quarter worth $26,000. Truvestments Capital LLC purchased a new stake in shares of Wells Fargo & Company in the third quarter worth $29,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at $30,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $77.22 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $46.12 and a 1-year high of $78.13. The business has a 50 day simple moving average of $72.60 and a two-hundred day simple moving average of $63.33. The stock has a market capitalization of $257.11 billion, a PE ratio of 16.05, a P/E/G ratio of 1.39 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the previous year, the business posted $0.86 earnings per share. Wells Fargo & Company’s quarterly revenue was down .5% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 5.45 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Wall Street Analyst Weigh In

WFC has been the topic of several recent analyst reports. Barclays increased their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday. Piper Sandler raised their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price objective for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Truist Financial lifted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday. Twelve investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $72.17.

About Wells Fargo & Company

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.