Jessup Wealth Management Inc Purchases Shares of 3,194 Wells Fargo & Company (NYSE:WFC)

Jessup Wealth Management Inc acquired a new position in Wells Fargo & Company (NYSE:WFC) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 3,194 shares of the financial services provider’s stock, valued at approximately $224,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Foundations Investment Advisors LLC lifted its holdings in Wells Fargo & Company by 5.8% in the third quarter. Foundations Investment Advisors LLC now owns 21,483 shares of the financial services provider’s stock worth $1,214,000 after purchasing an additional 1,179 shares during the period. Eastern Bank bought a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $790,000. Community Trust & Investment Co. boosted its holdings in shares of Wells Fargo & Company by 35.3% in the third quarter. Community Trust & Investment Co. now owns 6,248 shares of the financial services provider’s stock valued at $353,000 after acquiring an additional 1,629 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of Wells Fargo & Company by 2.8% during the third quarter. Bank Pictet & Cie Europe AG now owns 943,615 shares of the financial services provider’s stock valued at $53,305,000 after acquiring an additional 25,881 shares during the period. Finally, Meadow Creek Wealth Advisors LLC bought a new stake in Wells Fargo & Company during the third quarter worth approximately $202,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of several research analyst reports. Truist Financial lifted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Compass Point boosted their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. 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 report on Thursday, January 16th. Piper Sandler raised their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Barclays increased their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Down 0.5 %

Wells Fargo & Company stock opened at $80.38 on Thursday. 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 market capitalization of $267.63 billion, a P/E ratio of 14.94, a P/E/G ratio of 1.20 and a beta of 1.18. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The firm’s fifty day simple moving average is $74.90 and its 200-day simple moving average is $66.64.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results 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 firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the prior year, the business earned $0.86 earnings per share. The company’s revenue was down .5% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 1.99%. Wells Fargo & Company’s payout ratio is presently 29.74%.

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.