Eldred Rock Partners LLC Raises Stock Position in Wells Fargo & Company (NYSE:WFC)

Eldred Rock Partners LLC raised its position in Wells Fargo & Company (NYSE:WFC) by 4.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 151,441 shares of the financial services provider’s stock after purchasing an additional 5,806 shares during the period. Wells Fargo & Company comprises approximately 2.9% of Eldred Rock Partners LLC’s portfolio, making the stock its 21st biggest holding. Eldred Rock Partners LLC’s holdings in Wells Fargo & Company were worth $8,555,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Core Wealth Advisors Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $25,000. Mattson Financial Services LLC acquired a new stake in shares of Wells Fargo & Company during the second quarter valued at $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company during the 2nd quarter worth about $26,000. Transcendent Capital Group LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $32,000. Finally, Beaird Harris Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WFC. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. BMO Capital Markets raised their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Twelve research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $60.41.

Wells Fargo & Company Stock Up 3.6 %

WFC stock traded up $1.98 during trading on Friday, reaching $56.96. The stock had a trading volume of 14,594,449 shares, compared to its average volume of 18,007,127. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The firm has a fifty day moving average price of $55.36 and a 200 day moving average price of $57.75. The company has a market capitalization of $198.58 billion, a P/E ratio of 11.70, a PEG ratio of 1.32 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.58 and a 1-year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.81%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Wells Fargo & 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.