Black Diamond Financial LLC Boosts Stake in Wells Fargo & Company (NYSE:WFC)

Black Diamond Financial LLC raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,814 shares of the financial services provider’s stock after acquiring an additional 151 shares during the period. Black Diamond Financial LLC’s holdings in Wells Fargo & Company were worth $338,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. purchased a new position in Wells Fargo & Company in the 3rd quarter valued at $637,000. Assenagon Asset Management S.A. grew its position in Wells Fargo & Company by 8.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 96,400 shares of the financial services provider’s stock valued at $5,446,000 after buying an additional 7,415 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Wells Fargo & Company by 14.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 296,708 shares of the financial services provider’s stock valued at $15,740,000 after buying an additional 38,532 shares during the last quarter. Arkadios Wealth Advisors grew its position in Wells Fargo & Company by 19.5% in the 3rd quarter. Arkadios Wealth Advisors now owns 19,801 shares of the financial services provider’s stock valued at $1,119,000 after buying an additional 3,228 shares during the last quarter. Finally, Modera Wealth Management LLC grew its position in Wells Fargo & Company by 0.9% in the 3rd quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock valued at $1,018,000 after buying an additional 167 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on WFC. Compass Point raised their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. UBS Group raised their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Evercore ISI raised their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Citigroup raised their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Finally, Piper Sandler raised their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Trading Down 1.5 %

Shares of WFC stock opened at $77.43 on Monday. The firm has a 50-day moving average price of $75.20 and a 200 day moving average price of $67.11. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a market capitalization of $257.81 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.18 and a beta of 1.18. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter in the previous year, the company posted $0.86 EPS. The firm’s revenue for the quarter was down .5% on a year-over-year basis. Research 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. This represents a $1.60 annualized dividend and a yield of 2.07%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

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.