Carnegie Investment Counsel Acquires 6,008 Shares of Wells Fargo & Company (NYSE:WFC)

Carnegie Investment Counsel raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 30.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 25,959 shares of the financial services provider’s stock after acquiring an additional 6,008 shares during the period. Carnegie Investment Counsel’s holdings in Wells Fargo & Company were worth $1,823,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of WFC. Edgestream Partners L.P. bought a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $272,000. Benjamin Edwards Inc. grew its holdings in shares of Wells Fargo & Company by 4.4% in the second quarter. Benjamin Edwards Inc. now owns 13,677 shares of the financial services provider’s stock worth $812,000 after acquiring an additional 572 shares during the period. Bridges Investment Management Inc. increased its position in Wells Fargo & Company by 6,978.2% during the second quarter. Bridges Investment Management Inc. now owns 814,487 shares of the financial services provider’s stock valued at $48,372,000 after acquiring an additional 802,980 shares during the last quarter. Sprucegrove Investment Management Ltd. lifted its holdings in Wells Fargo & Company by 1.3% in the second quarter. Sprucegrove Investment Management Ltd. now owns 308,127 shares of the financial services provider’s stock valued at $18,300,000 after acquiring an additional 4,000 shares during the period. Finally, AE Wealth Management LLC boosted its position in Wells Fargo & Company by 16.4% in the second quarter. AE Wealth Management LLC now owns 93,970 shares of the financial services provider’s stock worth $5,581,000 after purchasing an additional 13,241 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Truist Financial boosted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday. Twelve analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $72.17.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $77.22 on Friday. The firm has a market cap of $257.11 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 1.39 and a beta of 1.18. The firm has a fifty day moving average price of $72.60 and a 200 day moving average price of $63.33. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly 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 business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Wells Fargo & 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.