3,223 Shares in Wells Fargo & Company (NYSE:WFC) Acquired by Summit Wealth & Retirement Planning Inc.

Summit Wealth & Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,223 shares of the financial services provider’s stock, valued at approximately $226,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cardinal Capital Management Inc. boosted its holdings in shares of Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after buying an additional 11,037 shares during the period. Rockefeller Capital Management L.P. raised its position in Wells Fargo & Company by 37.2% during the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock valued at $36,055,000 after buying an additional 173,083 shares during the period. Atlantic Union Bankshares Corp boosted its position in Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock worth $10,031,000 after acquiring an additional 26,320 shares during the period. Chartwell Investment Partners LLC increased its holdings in shares of Wells Fargo & Company by 16.4% in the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after purchasing an additional 18,717 shares during the period. Finally, Argus Investors Counsel Inc. lifted its position in shares of Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after purchasing an additional 8,107 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Truist Financial increased their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. UBS Group raised 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. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods raised their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their target price for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $80.76 on Friday. Wells Fargo & Company has a one year low of $47.47 and a one year high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business has a fifty day simple moving average of $73.89 and a 200 day simple moving average of $65.43. The firm has a market capitalization of $268.89 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 1.22 and a beta of 1.18.

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

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be paid a $0.40 dividend. 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 is presently 29.74%.

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.