Global Assets Advisory LLC Acquires New Stake in Wells Fargo & Company (NYSE:WFC)

Global Assets Advisory LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 45,512 shares of the financial services provider’s stock, valued at approximately $2,638,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $2,623,044,000. Capital World Investors increased its holdings in Wells Fargo & Company by 1.0% during the 4th quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after purchasing an additional 263,176 shares during the period. Sanders Capital LLC increased its holdings in Wells Fargo & Company by 3.2% during the 4th quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock worth $1,241,231,000 after purchasing an additional 781,772 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Wells Fargo & Company by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock worth $1,143,770,000 after purchasing an additional 526,178 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Wells Fargo & Company by 3.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,941,772 shares of the financial services provider’s stock worth $932,352,000 after purchasing an additional 596,521 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Argus upped their price target on Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Evercore ISI upped their price target on Wells Fargo & Company from $69.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Jefferies Financial Group increased their price objective on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Fourteen analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and a consensus target price of $59.15.

Wells Fargo & Company Stock Down 3.0 %

WFC opened at $57.23 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The business has a 50 day simple moving average of $59.59 and a 200-day simple moving average of $54.92. The stock has a market capitalization of $199.52 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.46 and a beta of 1.17. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the firm earned $1.23 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s payout ratio is currently 29.23%.

About Wells Fargo & Company

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.