CM Wealth Advisors LLC Takes Position in Wells Fargo & Company (NYSE:WFC)

CM Wealth Advisors LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,110 shares of the financial services provider’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $3,365,658,000. Artisan Partners Limited Partnership purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $117,026,000. KLP Kapitalforvaltning AS acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $85,031,000. Korea Investment CORP boosted its position in Wells Fargo & Company by 53.9% in the 4th quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after buying an additional 1,150,443 shares during the period. Finally, Artemis Investment Management LLP grew its stake in shares of Wells Fargo & Company by 410.8% in the fourth quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock worth $96,567,000 after acquiring an additional 1,105,679 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 1.2 %

Shares of NYSE:WFC opened at $62.36 on Monday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $203.62 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.18 and a beta of 1.02. The firm has a fifty day moving average price of $72.83 and a 200 day moving average price of $70.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly 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. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company posted $1.20 earnings per share. Sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Piper Sandler upgraded Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $77.00 price objective for the company in a research note on Tuesday, April 8th. Citigroup reduced their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Barclays lifted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, Bank of America dropped 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 research report on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.66.

About Wells Fargo & Company

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.