Geode Capital Management LLC Purchases 107,066 Shares of Wells Fargo & Company (NYSE:WFC)

Geode Capital Management LLC increased its holdings in Wells Fargo & Company (NYSE:WFC) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 71,287,393 shares of the financial services provider’s stock after purchasing an additional 107,066 shares during the period. Geode Capital Management LLC’s holdings in Wells Fargo & Company were worth $4,998,487,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $26,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $30,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $30,000. Rakuten Securities Inc. boosted its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $71.85 on Tuesday. The firm has a market cap of $234.59 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company’s 50 day moving average is $75.73 and its 200 day moving average is $70.29.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 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 .5% compared to the same quarter last year. During the same period last year, the business posted $0.86 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on WFC shares. UBS Group lifted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. The Goldman Sachs Group boosted their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Compass Point increased their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.97.

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.