Hodges Capital Management Inc. Purchases 40,437 Shares of Wells Fargo & Company (NYSE:WFC)

Hodges Capital Management Inc. grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 68.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,612 shares of the financial services provider’s stock after purchasing an additional 40,437 shares during the period. Hodges Capital Management Inc.’s holdings in Wells Fargo & Company were worth $6,997,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Income Research & Management purchased a new position in shares of Wells Fargo & Company during the third quarter worth approximately $211,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $32,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in Wells Fargo & Company in the 4th quarter worth $35,000. Finally, Truvestments Capital LLC bought a new stake in Wells Fargo & Company in the third quarter worth $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC opened at $78.81 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company has a market cap of $262.40 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.19 and a beta of 1.18. The stock has a fifty day simple moving average of $73.59 and a two-hundred day simple moving average of $64.78. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $79.29.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the business earned $0.86 EPS. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.03%. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WFC. Compass Point raised their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Morgan Stanley raised their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Truist Financial boosted their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a report on Tuesday, October 8th. Finally, Citigroup upped their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Company Profile

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.