NEOS Investment Management LLC Grows Position in Wells Fargo & Company (NYSE:WFC)

NEOS Investment Management LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,126 shares of the financial services provider’s stock after purchasing an additional 10,563 shares during the period. NEOS Investment Management LLC’s holdings in Wells Fargo & Company were worth $12,793,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Two Sigma Advisers LP grew its holdings in Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after purchasing an additional 5,237,500 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in Wells Fargo & Company in the fourth quarter worth about $117,026,000. Caisse DE Depot ET Placement DU Quebec boosted its position in Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after purchasing an additional 1,659,716 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $85,031,000. Finally, Korea Investment CORP raised its holdings in shares of Wells Fargo & Company by 53.9% during the fourth quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after buying an additional 1,150,443 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Morgan Stanley set a $79.00 price target on shares of Wells Fargo & Company in a research report on Monday, March 24th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research report on Thursday, March 13th. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Barclays boosted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, UBS Group increased their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.55.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded down $5.39 during midday trading on Thursday, hitting $66.87. 13,140,653 shares of the company’s stock traded hands, compared to its average volume of 17,093,658. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a fifty day moving average of $75.50 and a 200 day moving average of $70.43. The stock has a market capitalization of $218.34 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. 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 (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS 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 business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the company posted $0.86 earnings per share. The firm’s revenue was down .5% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) 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.