Polar Asset Management Partners Inc. Makes New Investment in Wells Fargo & Company $WFC

Polar Asset Management Partners Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC) in the 1st quarter, Holdings Channel reports. The firm purchased 38,200 shares of the financial services provider’s stock, valued at approximately $3,041,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC grew its stake in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after acquiring an additional 25,436 shares during the period. Jump Financial LLC lifted its position in Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after purchasing an additional 2,615 shares during the period. Main Street Financial Solutions LLC boosted its holdings in Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock worth $1,122,000 after purchasing an additional 7,368 shares during the last quarter. Vivaldi Capital Management LP boosted its holdings in Wells Fargo & Company by 5.4% in the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its position in Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock worth $2,044,000 after purchasing an additional 8,714 shares during the period. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WFC. Bank of America boosted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. KGI Securities cut Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. Finally, HSBC raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $98.50.

Wells Fargo & Company Stock Up 1.1%

Shares of WFC stock opened at $87.28 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The stock has a market cap of $267.08 billion, a P/E ratio of 12.69, a P/E/G ratio of 0.94 and a beta of 0.92. The company has a 50 day simple moving average of $82.97 and a two-hundred day simple moving average of $83.35.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.