Dark Forest Capital Management LP increased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 1,503.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,911 shares of the financial services provider's stock after purchasing an additional 53,362 shares during the period. Dark Forest Capital Management LP's holdings in Wells Fargo & Company were worth $4,086,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. BNP Paribas purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $28,000. Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth approximately $29,000. Motco lifted its holdings in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Stone House Investment Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth approximately $34,000. Finally, Dunhill Financial LLC lifted its holdings in Wells Fargo & Company by 63.7% in the 4th quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after purchasing an additional 193 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts recently commented on WFC shares. Bank of America boosted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Truist Financial upped their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. The Goldman Sachs Group decreased their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $82.56.
Check Out Our Latest Analysis on WFC
Wells Fargo & Company Stock Performance
NYSE WFC opened at $81.69 on Wednesday. The company has a market cap of $261.69 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.28 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The business's 50 day moving average price is $80.48 and its 200-day moving average price is $75.02. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS. Sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.
Wells Fargo & Company Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is presently 30.82%.
Wells Fargo & Company Company Profile
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Free Report)
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.
Further Reading
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