Wells Fargo & Company (NYSE:WFC) Shares Acquired by Summit Financial LLC

Summit Financial LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 5.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,029 shares of the financial services provider’s stock after buying an additional 1,275 shares during the period. Summit Financial LLC’s holdings in Wells Fargo & Company were worth $1,688,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of WFC. Hoey Investments Inc. grew its holdings in Wells Fargo & Company by 13.7% in the fourth quarter. Hoey Investments Inc. now owns 163,216 shares of the financial services provider’s stock valued at $11,464,000 after purchasing an additional 19,620 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in Wells Fargo & Company by 10.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,531,997 shares of the financial services provider’s stock worth $107,607,000 after purchasing an additional 140,678 shares during the period. Inkwell Capital LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $3,374,000. United Bank purchased a new position in Wells Fargo & Company in the fourth quarter valued at about $236,000. Finally, Brandywine Global Investment Management LLC boosted its holdings in Wells Fargo & Company by 0.6% in the fourth quarter. Brandywine Global Investment Management LLC now owns 3,107,610 shares of the financial services provider’s stock worth $218,279,000 after purchasing an additional 18,214 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 7.5 %

WFC stock traded down $5.39 during midday trading on Thursday, hitting $66.87. The company had a trading volume of 13,140,653 shares, compared to its average volume of 17,093,658. The stock’s 50 day moving average price is $75.50 and its 200 day moving average price is $70.43. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a market cap of $218.34 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.18 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results 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. 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 quarter last year, the firm earned $0.86 earnings per share. The business’s revenue for the quarter was down .5% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is 29.74%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WFC. Compass Point lifted their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group boosted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Keefe, Bruyette & Woods upped their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Finally, Bank of America cut their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $75.55.

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.