Cedar Point Capital Partners LLC Takes $234,000 Position in Wells Fargo & Company (NYSE:WFC)

Cedar Point Capital Partners LLC bought a new position in Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,332 shares of the financial services provider’s stock, valued at approximately $234,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Two Sigma Advisers LP lifted its stake in Wells Fargo & Company by 730.4% during the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after buying an additional 5,237,500 shares in the last quarter. Canoe Financial LP purchased a new position in shares of Wells Fargo & Company during the third quarter valued at $160,529,000. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Wells Fargo & Company by 158.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after buying an additional 1,659,716 shares in the last quarter. Artemis Investment Management LLP raised its position in Wells Fargo & Company by 410.8% during the fourth quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after buying an additional 1,105,679 shares during the period. Finally, National Pension Service lifted its stake in Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $77.56 on Thursday. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $78.29. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $258.23 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The firm has a fifty day moving average of $73.03 and a 200-day moving average of $63.82.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the firm posted $0.86 earnings per share. The business’s quarterly revenue was down .5% compared to the same quarter last year. On average, equities research analysts forecast that Wells Fargo & Company will post 5.84 earnings per share for the current year.

Analyst Ratings Changes

WFC has been the topic of a number of research reports. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their target price for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research note on Tuesday, October 8th. Piper Sandler boosted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Eleven 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 an average rating of “Hold” and an average price target of $73.39.

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.