Davis Investment Partners LLC Acquires Shares of 3,043 Wells Fargo & Company (NYSE:WFC)

Davis Investment Partners LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,043 shares of the financial services provider’s stock, valued at approximately $213,000.

Several other hedge funds also recently made changes to their positions in the stock. Income Research & Management purchased a new position in Wells Fargo & Company during the 3rd quarter valued at about $211,000. Mattson Financial Services LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $25,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company in the second quarter worth $26,000. Finally, Truvestments Capital LLC bought a new stake in Wells Fargo & Company during the third quarter valued at $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on WFC. Truist Financial assumed coverage on shares of Wells Fargo & Company in a research report on Tuesday, January 7th. They set a “buy” rating and a $82.00 target price for the company. Citigroup raised their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group increased their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. UBS Group lifted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Twelve analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $69.92.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded up $0.63 on Monday, reaching $70.59. The stock had a trading volume of 10,218,098 shares, compared to its average volume of 12,538,001. The stock has a market cap of $235.03 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18. 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 has a 1 year low of $46.12 and a 1 year high of $78.13. The company has a 50 day simple moving average of $72.13 and a 200 day simple moving average of $62.97.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same period in the prior year, the business posted $1.39 EPS. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Company will post 5.43 EPS for the current 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 given 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 2.27%. Wells Fargo & Company’s payout ratio is 33.26%.

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.