Adage Capital Partners GP L.L.C. Grows Stock Position in Wells Fargo & Company (NYSE:WFC)

Adage Capital Partners GP L.L.C. increased its holdings in Wells Fargo & Company (NYSE:WFC) by 0.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,049,996 shares of the financial services provider’s stock after buying an additional 1,600 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.09% of Wells Fargo & Company worth $214,232,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. Modus Advisors LLC bought a new position in Wells Fargo & Company in the 4th quarter worth $30,000. McClarren Financial Advisors Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth $30,000. Finally, Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 237 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on WFC shares. Truist Financial cut their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Citigroup cut their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Raymond James dropped their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, April 7th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $66.24 on Wednesday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month 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 firm has a 50-day moving average price of $70.67 and a 200-day moving average price of $71.28. The firm has a market capitalization of $216.28 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

About Wells Fargo & Company

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.