Zacks Investment Management Purchases 968,473 Shares of Wells Fargo & Company (NYSE:WFC)

Zacks Investment Management increased its holdings in Wells Fargo & Company (NYSE:WFC) by 6,195.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 984,104 shares of the financial services provider’s stock after purchasing an additional 968,473 shares during the period. Zacks Investment Management’s holdings in Wells Fargo & Company were worth $69,123,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $28,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $30,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. Finally, Rakuten Securities Inc. lifted its position in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after buying an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on WFC. Piper Sandler lowered their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday. Truist Financial dropped their price target 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. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $64.58 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average price of $72.15 and a 200 day moving average price of $70.97. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The stock has a market cap of $210.87 billion, a P/E ratio of 12.00, a PEG ratio of 1.18 and a beta of 1.02.

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 for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 EPS. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given 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 2.48%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

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.