North Reef Capital Management LP Purchases 1,255,000 Shares of Wells Fargo & Company (NYSE:WFC)

North Reef Capital Management LP lifted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 144.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,125,000 shares of the financial services provider's stock after purchasing an additional 1,255,000 shares during the quarter. Wells Fargo & Company comprises approximately 6.7% of North Reef Capital Management LP's holdings, making the stock its 5th largest holding. North Reef Capital Management LP owned approximately 0.06% of Wells Fargo & Company worth $149,260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in WFC. Spinnaker Trust increased its stake in shares of Wells Fargo & Company by 1.8% during the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock worth $520,000 after purchasing an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after acquiring an additional 130 shares during the last quarter. MONECO Advisors LLC lifted its position in shares of Wells Fargo & Company by 1.9% in the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 134 shares in the last quarter. Crown Wealth Group LLC boosted its stake in shares of Wells Fargo & Company by 2.2% in the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after acquiring an additional 140 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its position in shares of Wells Fargo & Company by 0.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after purchasing an additional 144 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Bank of America cut their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Truist Financial decreased their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Raymond James cut their target price on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a report on Thursday, March 13th. Finally, Piper Sandler reduced their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.34.

Wells Fargo & Company Stock Performance

WFC traded up $1.78 on Tuesday, reaching $71.21. The company had a trading volume of 15,994,542 shares, compared to its average volume of 17,454,880. The company's fifty day moving average is $69.80 and its 200 day moving average is $71.68. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market cap of $232.50 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.20 EPS. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.25%. Wells Fargo & Company's payout ratio is 28.73%.

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.