Harbour Investments Inc. Grows Stake in Wells Fargo & Company (NYSE:WFC)

Harbour Investments Inc. raised its stake in Wells Fargo & Company (NYSE:WFC) by 3.0% during the fourth quarter, Holdings Channel reports. The fund owned 28,650 shares of the financial services provider’s stock after buying an additional 821 shares during the period. Harbour Investments Inc.’s holdings in Wells Fargo & Company were worth $2,012,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Gitterman Wealth Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter valued at about $378,000. Greenwich Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $244,000. one8zero8 LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $526,000. Choate Investment Advisors raised its position in shares of Wells Fargo & Company by 12.2% in the fourth quarter. Choate Investment Advisors now owns 46,347 shares of the financial services provider’s stock valued at $3,255,000 after purchasing an additional 5,033 shares during the period. Finally, Diversified Enterprises LLC raised its position in shares of Wells Fargo & Company by 3.4% in the fourth quarter. Diversified Enterprises LLC now owns 6,696 shares of the financial services provider’s stock valued at $469,000 after purchasing an additional 222 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Barclays boosted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler boosted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup upped their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley upped their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $74.39.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $70.88 on Tuesday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The firm has a market capitalization of $233.07 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 1.18 and a beta of 1.16. The company’s fifty day moving average price is $75.87 and its 200-day moving average price is $69.11. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $20.58 billion. During the same quarter in the prior year, the company earned $0.86 EPS. The firm’s revenue was down .5% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

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.