HighPoint Advisor Group LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

HighPoint Advisor Group LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFCFree Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 59,273 shares of the financial services provider’s stock, valued at approximately $2,917,000.

Several other hedge funds have also recently made changes to their positions in WFC. Johnson Investment Counsel Inc. boosted its holdings in shares of Wells Fargo & Company by 29.2% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 19,698 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 4,446 shares during the last quarter. QRG Capital Management Inc. acquired a new position in shares of Wells Fargo & Company in the third quarter worth $10,751,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter worth $6,345,000. Clearstead Advisors LLC lifted its position in shares of Wells Fargo & Company by 1.4% during the 3rd quarter. Clearstead Advisors LLC now owns 50,223 shares of the financial services provider’s stock worth $2,052,000 after purchasing an additional 683 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter worth $1,925,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on WFC shares. The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Jefferies Financial Group upped their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Citigroup reissued a “neutral” rating and set a $63.00 price objective (up previously from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Finally, Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Fourteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $58.99.

View Our Latest Stock Report on WFC

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded up $0.55 during trading on Tuesday, reaching $58.79. The company’s stock had a trading volume of 1,586,162 shares, compared to its average volume of 17,898,029. The firm has a market cap of $204.96 billion, a PE ratio of 12.16, a P/E/G ratio of 1.49 and a beta of 1.17. The business’s 50-day moving average price is $59.39 and its 200-day moving average price is $54.35. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFCGet Free Report) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter in the previous year, the firm earned $1.23 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s payout ratio is presently 29.23%.

Wells Fargo & Company Profile

(Free Report)

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

See Also

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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