Convergence Financial LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Convergence Financial LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 3,024 shares of the financial services provider’s stock, valued at approximately $212,000.

A number of other hedge funds have also made changes to their positions in WFC. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $29,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. Decker Retirement Planning Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Wells Fargo & Company during the 3rd quarter valued at $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup raised their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Morgan Stanley raised their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Compass Point raised their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Barclays raised their price objective on shares of 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 research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Up 0.2 %

Shares of Wells Fargo & Company stock opened at $76.61 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The business has a fifty day simple moving average of $75.71 and a 200 day simple moving average of $67.57. The stock has a market cap of $255.06 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. The company 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%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.86 EPS. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

About Wells Fargo & Company

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.