Forum Financial Management LP Increases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Forum Financial Management LP grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 14.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,896 shares of the financial services provider’s stock after buying an additional 7,139 shares during the quarter. Forum Financial Management LP’s holdings in Wells Fargo & Company were worth $3,926,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. Modus Advisors LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $30,000. McClarren Financial Advisors Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. Finally, Rakuten Securities Inc. boosted its position in shares of Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.0 %

Shares of NYSE:WFC opened at $64.63 on Friday. The company has a 50 day moving average of $71.53 and a 200-day moving average of $70.98. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The stock has a market cap of $211.02 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.18 and a beta of 1.02. 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 issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same quarter last year, the business earned $1.20 earnings per share. The company’s revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.48%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Bank of America cut their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Truist Financial lowered their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Raymond James reduced their price target on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.34.

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.