Mission Wealth Management LP Raises Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Mission Wealth Management LP increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,503 shares of the financial services provider’s stock after purchasing an additional 1,963 shares during the quarter. Mission Wealth Management LP’s holdings in Wells Fargo & Company were worth $2,240,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in WFC. Exchange Traded Concepts LLC increased its position in Wells Fargo & Company by 12.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,754 shares of the financial services provider’s stock valued at $153,000 after buying an additional 424 shares in the last quarter. Vicus Capital increased its holdings in shares of Wells Fargo & Company by 13.1% in the third quarter. Vicus Capital now owns 8,087 shares of the financial services provider’s stock valued at $330,000 after purchasing an additional 937 shares during the period. Hoey Investments Inc. increased its holdings in shares of Wells Fargo & Company by 4.7% in the third quarter. Hoey Investments Inc. now owns 118,333 shares of the financial services provider’s stock valued at $4,835,000 after purchasing an additional 5,307 shares during the period. 1834 Investment Advisors Co. grew its holdings in Wells Fargo & Company by 23.6% during the third quarter. 1834 Investment Advisors Co. now owns 23,199 shares of the financial services provider’s stock worth $948,000 after acquiring an additional 4,437 shares during the period. Finally, Beach Investment Counsel Inc. PA grew its holdings in Wells Fargo & Company by 45.5% during the third quarter. Beach Investment Counsel Inc. PA now owns 14,787 shares of the financial services provider’s stock worth $604,000 after acquiring an additional 4,623 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on WFC shares. Citigroup restated a “neutral” rating and issued a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. Piper Sandler dropped their price target on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, January 16th. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Robert W. Baird restated a “neutral” rating and issued a $55.00 target price on shares of Wells Fargo & Company in a report on Monday, January 8th. Finally, Raymond James upped their target price on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 16th. Thirteen analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and an average target price of $58.85.

Wells Fargo & Company Price Performance

WFC stock opened at $59.32 on Wednesday. The stock has a 50-day moving average price of $57.24 and a two-hundred day moving average price of $49.97. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $61.76. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The company has a market cap of $210.02 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19.

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 the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.36%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.23%.

Wells Fargo & Company Company Profile

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.