Thoroughbred Financial Services LLC Acquires 5,704 Shares of Wells Fargo & Company (NYSE:WFC)

Thoroughbred Financial Services LLC raised its holdings in Wells Fargo & Company (NYSE:WFC) by 11.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,377 shares of the financial services provider’s stock after purchasing an additional 5,704 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Wells Fargo & Company were worth $3,889,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Empowered Funds LLC raised its holdings in shares of Wells Fargo & Company by 19.1% in the fourth quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock valued at $13,369,000 after buying an additional 30,510 shares during the last quarter. Valmark Advisers Inc. increased its position in Wells Fargo & Company by 5.5% in the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock valued at $583,000 after acquiring an additional 431 shares in the last quarter. NatWest Group plc increased its position in Wells Fargo & Company by 57.7% in the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider’s stock valued at $12,115,000 after acquiring an additional 63,102 shares in the last quarter. Weiss Asset Management LP bought a new position in shares of Wells Fargo & Company in the third quarter worth about $10,451,000. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $1,656,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 9.2 %

WFC opened at $65.62 on Friday. The firm’s fifty day simple moving average is $75.26 and its 200 day simple moving average is $70.40. The stock has a market capitalization of $214.27 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period last year, the company earned $0.86 earnings per share. Wells Fargo & Company’s quarterly revenue was down .5% on a year-over-year basis. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.44%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research reports. Morgan Stanley set a $79.00 price objective on shares of Wells Fargo & Company in a research report on Monday, March 24th. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Compass Point increased their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. UBS Group raised their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday. Nine research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.55.

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.