Massachusetts Wealth Management Grows Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Massachusetts Wealth Management raised its stake in Wells Fargo & Company (NYSE:WFC) by 1.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,577 shares of the financial services provider’s stock after buying an additional 550 shares during the period. Massachusetts Wealth Management’s holdings in Wells Fargo & Company were worth $1,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in WFC. Fortis Group Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter valued at about $25,000. Arlington Trust Co LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $25,000. Core Wealth Advisors Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in Wells Fargo & Company by 208.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after buying an additional 356,620 shares during the period. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $29,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $0.31 during trading hours on Thursday, hitting $60.66. The company’s stock had a trading volume of 6,698,813 shares, compared to its average volume of 18,808,808. The company has a 50 day moving average of $59.54 and a 200 day moving average of $55.30. The stock has a market cap of $211.48 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.50 and a beta of 1.17. 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 12-month low of $38.38 and a 12-month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate 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 business had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.19 billion. During the same period in the prior year, the firm earned $1.23 EPS. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.13 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Analysts Set New Price Targets

WFC has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Oppenheimer restated a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, June 25th. Argus boosted their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Fourteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $59.36.

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.