Congress Wealth Management LLC DE Increases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Congress Wealth Management LLC DE increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 17.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,452 shares of the financial services provider’s stock after purchasing an additional 1,091 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Wells Fargo & Company were worth $524,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth $26,000. Truvestments Capital LLC purchased a new position in Wells Fargo & Company during the third quarter worth about $29,000. Modus Advisors LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at about $30,000. McClarren Financial Advisors Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. increased its position in Wells Fargo & Company by 126.7% during 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. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 2.2 %

WFC opened at $70.71 on Friday. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The business has a 50-day moving average of $75.84 and a two-hundred day moving average of $69.92. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $230.87 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

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 the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 earnings per share. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.74%.

Analyst Upgrades and Downgrades

WFC has been the subject of several recent analyst reports. Piper Sandler raised their price target on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley lifted their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Thursday, March 13th. Barclays lifted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.97.

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.