Wells Fargo & Company (NYSE:WFC) Position Lifted by Summit Global Investments

Summit Global Investments grew its stake in Wells Fargo & Company (NYSE:WFC) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,036 shares of the financial services provider’s stock after purchasing an additional 283 shares during the quarter. Summit Global Investments’ holdings in Wells Fargo & Company were worth $297,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Arlington Trust Co LLC bought a new position in Wells Fargo & Company during the 4th quarter worth approximately $25,000. Tennessee Valley Asset Management Partners acquired a new position in Wells Fargo & Company in the fourth quarter worth $29,000. Fortis Group Advisors LLC bought a new stake in Wells Fargo & Company during the third quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. Finally, Bfsg LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $60.19 on Tuesday. The company has a 50-day moving average of $57.75 and a 200-day moving average of $50.48. The firm has a market cap of $209.84 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.16 and a beta of 1.18. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a twelve month low of $37.18 and a twelve month high of $61.76.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the firm posted $1.23 earnings per share. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.08 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is 29.23%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Robert W. Baird reissued a “neutral” rating and issued a $55.00 price target on shares of Wells Fargo & Company in a report on Monday, January 8th. Jefferies Financial Group upped their price target on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $51.00 price objective on shares of Wells Fargo & Company in a research report on Tuesday, January 9th. Odeon Capital Group cut shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price for the company. in a research report on Thursday, January 18th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Fourteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $58.99.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.