12,441 Shares in Wells Fargo & Company $WFC Bought by 71 West Capital Partners

Key Points

• 71 West Capital Partners initiated a new position in Wells Fargo during the fourth quarter, buying 12,441 shares valued at about $1.16 million.
• Institutional interest in WFC remains high, with 75.9% of the stock owned by institutions and hedge funds and several other funds increasing their stakes in recent quarters.
• Analysts currently have a Moderate Buy consensus on Wells Fargo, with a price target of $97.53, while the stock also continues to show solid fundamentals including a recent earnings beat and a 2.2% dividend yield.

71 West Capital Partners bought a new position in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,441 shares of the financial services provider's stock, valued at approximately $1,160,000.

A number of other hedge funds have also modified their holdings of WFC. Brighton Jones LLC grew its holdings in shares of Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Jump Financial LLC boosted its position in shares of Wells Fargo & Company by 12.9% in the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after buying an additional 2,615 shares during the period. Main Street Financial Solutions LLC boosted its position in shares of Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after buying an additional 7,368 shares during the period. Vivaldi Capital Management LP boosted its position in shares of Wells Fargo & Company by 5.4% in the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after buying an additional 165 shares during the period. Finally, Diversify Advisory Services LLC boosted its position in shares of Wells Fargo & Company by 51.2% in the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock worth $2,044,000 after buying an additional 8,714 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on WFC shares. Truist Financial decreased their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "buy" rating for the company in a research report on Tuesday, March 17th. Barclays decreased their target price on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating for the company in a research report on Wednesday, April 15th. KGI Securities cut Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods decreased their target price on Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating for the company in a research report on Wednesday, April 15th. Finally, Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.53.

Wells Fargo & Company Price Performance

WFC opened at $83.18 on Tuesday. The stock has a market cap of $254.56 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 0.98 and a beta of 0.93. Wells Fargo & Company has a 1 year low of $72.30 and a 1 year high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The stock has a fifty day moving average price of $79.61 and a 200 day moving average price of $84.65.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $11.62 billion during the quarter, compared to analysts' expectations of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business's revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.39 earnings per share. Analysts forecast that Wells Fargo & Company will post 6.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 27.78%.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo was named the preferred mortgage lender for ICON’s 3D-printed homes, a partnership that could expand its role in affordable housing finance and create a new source of mortgage business. Wells Fargo Ties 3D Printed Home Lending To Housing Affordability Story
• Positive Sentiment: The arrangement with ICON highlights Wells Fargo’s push into innovative housing solutions, which may help support long-term mortgage origination growth if 3D-printed homebuilding gains traction. Wells Fargo Named as ICON Preferred Mortgage Lender to Support 3D‑Printed Homes
• Neutral Sentiment: Wells Fargo and the NAHB reported that U.S. homebuilder sentiment fell to 35 in June, reflecting pressure from elevated mortgage rates and higher materials costs. That is more a sign of a tougher housing market than a direct company-specific setback. U.S. Homebuilder Sentiment Slips as Mortgage Rates Remain Elevated
• Neutral Sentiment: Another NAHB/Wells Fargo survey showed homebuilder confidence weakening slightly more than expected in June, reinforcing the cautious backdrop for housing demand. U.S. Homebuilder Confidence Dips Slightly More Than Expected In June
• Negative Sentiment: Rising mortgage rates and softer builder sentiment could weigh on housing-related lending volumes, limiting near-term upside for Wells Fargo’s mortgage franchise. US Homebuilder Sentiment Falls, Driven by Drop in South

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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