Granite Harbor Advisors Inc. Purchases Shares of 3,224 Wells Fargo & Company (NYSE:WFC)

Granite Harbor Advisors Inc. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,224 shares of the financial services provider’s stock, valued at approximately $226,000.

A number of other institutional investors have also added to or reduced their stakes in WFC. Advisory Alpha LLC raised its stake in shares of Wells Fargo & Company by 5.2% in the 2nd quarter. Advisory Alpha LLC now owns 5,490 shares of the financial services provider’s stock valued at $326,000 after buying an additional 270 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $26,000. Heritage Wealth Management Inc. bought a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $223,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Wells Fargo & Company by 39.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,339,800 shares of the financial services provider’s stock worth $138,961,000 after acquiring an additional 660,800 shares in the last quarter. Finally, Alternative Investment Advisors LLC. bought a new position in shares of Wells Fargo & Company during the second quarter valued at $276,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Barclays boosted their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Truist Financial raised their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Finally, The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Up 0.7 %

Shares of NYSE WFC opened at $78.89 on Friday. The firm has a 50 day moving average price of $73.45 and a 200 day moving average price of $64.48. The stock has a market cap of $262.67 billion, a P/E ratio of 14.66, a P/E/G ratio of 1.18 and a beta of 1.18. Wells Fargo & Company has a 52-week low of $47.45 and a 52-week high of $79.24. 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 released its quarterly 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. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 earnings per share. Analysts expect that Wells Fargo & Company will post 5.84 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. Wells Fargo & Company’s dividend payout ratio (DPR) is 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.