Pines Wealth Management LLC Acquires New Position in Wells Fargo & Company (NYSE:WFC)

Pines Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,764 shares of the financial services provider’s stock, valued at approximately $473,000.

A number of other large investors have also recently modified their holdings of the business. Two Sigma Advisers LP lifted its stake in shares of Wells Fargo & Company by 730.4% in the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after acquiring an additional 5,237,500 shares during the last quarter. Canoe Financial LP bought a new position in Wells Fargo & Company in the third quarter valued at about $160,529,000. Marshall Wace LLP boosted its stake in shares of Wells Fargo & Company by 3,295.6% during the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock valued at $138,493,000 after purchasing an additional 2,404,898 shares in the last quarter. 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 worth $153,069,000 after purchasing an additional 1,659,716 shares during the last quarter. Finally, National Pension Service increased its stake in shares of Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after buying an additional 897,195 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.8 %

NYSE:WFC opened at $71.07 on Wednesday. Wells Fargo & Company has a 12 month low of $46.12 and a 12 month high of $78.13. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $236.63 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 1.47 and a beta of 1.18. The firm has a fifty day simple moving average of $72.41 and a two-hundred day simple moving average of $63.15.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

Analyst Ratings Changes

WFC has been the topic of several recent research reports. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a report on Monday, October 14th. Truist Financial initiated coverage on shares of Wells Fargo & Company in a research note on Tuesday, January 7th. They issued a “buy” rating and a $82.00 price objective on the stock. Piper Sandler raised their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup lifted their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, UBS Group increased their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Twelve investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.