Strategic Wealth Partners Ltd. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the first quarter, Holdings Channel reports. The fund acquired 3,467 shares of the financial services provider’s stock, valued at approximately $201,000.
Other hedge funds also recently bought and sold shares of the company. Arlington Trust Co LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $25,000. Core Wealth Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $25,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $29,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $32,000. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $32,000. 75.90% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Company Trading Down 6.4 %
Shares of Wells Fargo & Company stock opened at $53.26 on Friday. The company’s fifty day simple moving average is $58.87 and its 200-day simple moving average is $56.81. The company has a market cap of $185.68 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 1.40 and a beta of 1.17. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55.
Wells Fargo & Company Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 3.00%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 28.75%.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on WFC shares. Jefferies Financial Group increased their price target on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Evercore ISI reaffirmed an “outperform” rating and set a $67.00 price objective (down previously from $70.00) on shares of Wells Fargo & Company in a research report on Monday, July 15th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Thirteen analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $59.91.
View Our Latest Research Report on WFC
About Wells Fargo & Company
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.
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