Northcape Wealth Management LLC Takes Position in Wells Fargo & Company (NYSE:WFC)

Northcape Wealth Management LLC bought a new position in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 3,040 shares of the financial services provider’s stock, valued at approximately $214,000.

Other hedge funds have also added to or reduced their stakes in the company. Atlas Legacy Advisors LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at about $245,000. Bank of Jackson Hole Trust bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $51,000. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of Wells Fargo & Company by 68.4% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 169,752 shares of the financial services provider’s stock valued at $11,923,000 after purchasing an additional 68,975 shares during the period. Waycross Partners LLC grew its holdings in shares of Wells Fargo & Company by 3.8% in the fourth quarter. Waycross Partners LLC now owns 327,618 shares of the financial services provider’s stock worth $23,012,000 after purchasing an additional 12,128 shares during the last quarter. Finally, Kestra Investment Management LLC grew its holdings in shares of Wells Fargo & Company by 9.3% in the fourth quarter. Kestra Investment Management LLC now owns 8,273 shares of the financial services provider’s stock worth $581,000 after purchasing an additional 703 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $80.71 on Wednesday. The company has a market capitalization of $268.72 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 1.20 and a beta of 1.18. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company’s 50-day moving average is $74.72 and its 200 day moving average is $66.55.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the business earned $0.86 EPS. The firm’s revenue for the quarter was down .5% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 1.98%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WFC. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Truist Financial raised their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Morgan Stanley upped their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler lifted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Barclays upped their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Company Profile

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.