Miracle Mile Advisors LLC Purchases 824 Shares of Wells Fargo & Company (NYSE:WFC)

Miracle Mile Advisors LLC grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,185 shares of the financial services provider’s stock after purchasing an additional 824 shares during the period. Miracle Mile Advisors LLC’s holdings in Wells Fargo & Company were worth $1,197,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WFC. Connectus Wealth LLC raised its stake in shares of Wells Fargo & Company by 5.9% during the fourth quarter. Connectus Wealth LLC now owns 12,226 shares of the financial services provider’s stock worth $602,000 after acquiring an additional 679 shares in the last quarter. MGO One Seven LLC lifted its stake in Wells Fargo & Company by 4.6% in the fourth quarter. MGO One Seven LLC now owns 35,427 shares of the financial services provider’s stock worth $1,744,000 after purchasing an additional 1,562 shares during the last quarter. Bridgewater Associates LP purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $26,175,000. Icon Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $389,000. Finally, Caxton Associates LP purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $12,305,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.2 %

Shares of Wells Fargo & Company stock opened at $57.28 on Wednesday. Wells Fargo & Company has a 1 year low of $38.58 and a 1 year high of $62.55. The firm has a market cap of $199.70 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 1.32 and a beta of 1.16. The company has a 50-day moving average of $55.31 and a 200 day moving average of $57.75. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.79%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is 32.85%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WFC. 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 report on Thursday, July 11th. Evercore ISI upped their price target on shares of Wells Fargo & Company from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and cut their price target for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday. Finally, Keefe, Bruyette & Woods cut their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Twelve investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.65.

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.