Stordahl Capital Management Inc. Acquires New Shares in Wells Fargo & Company (NYSE:WFC)

Stordahl Capital Management Inc. bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 3,934 shares of the financial services provider’s stock, valued at approximately $276,000.

Other institutional investors have also added to or reduced their stakes in the company. Cardinal Capital Management Inc. boosted its holdings in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after buying an additional 11,037 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Wells Fargo & Company by 37.2% in the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after purchasing an additional 173,083 shares during the last quarter. Atlantic Union Bankshares Corp increased its position in shares of Wells Fargo & Company by 17.4% during the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 26,320 shares in the last quarter. Chartwell Investment Partners LLC lifted its holdings in shares of Wells Fargo & Company by 16.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after purchasing an additional 18,717 shares during the last quarter. Finally, Argus Investors Counsel Inc. grew its stake in Wells Fargo & Company by 34.6% during the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after buying an additional 8,107 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on WFC shares. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research note on Tuesday, October 8th. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Evercore ISI raised their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Barclays lifted their price objective 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, Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their target price for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Price Performance

WFC opened at $78.41 on Thursday. The firm has a market cap of $261.07 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.17 and a beta of 1.18. 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 stock’s 50-day moving average price is $73.35 and its 200 day moving average price is $64.38. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $78.98.

Wells Fargo & Company (NYSE:WFC) last released its 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 firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same period last year, the business posted $0.86 earnings per share. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.84 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 7th will be paid a $0.40 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Wells Fargo & 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.