Massachusetts Wealth Management Acquires 1,225 Shares of Wells Fargo & Company (NYSE:WFC)

Massachusetts Wealth Management increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 32,477 shares of the financial services provider’s stock after purchasing an additional 1,225 shares during the period. Wells Fargo & Company accounts for 1.4% of Massachusetts Wealth Management’s investment portfolio, making the stock its 26th largest position. Massachusetts Wealth Management’s holdings in Wells Fargo & Company were worth $2,281,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Income Research & Management bought a new position in Wells Fargo & Company in the 3rd quarter valued at $211,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $30,000. Decker Retirement Planning Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth $32,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $35,000. Finally, Truvestments Capital LLC purchased a new stake in Wells Fargo & Company in the third quarter worth approximately $29,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $79.56 on Wednesday. The stock has a 50-day simple moving average of $73.66 and a two-hundred day simple moving average of $65.06. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52-week low of $47.45 and a 52-week high of $79.85. The firm has a market capitalization of $264.88 billion, a PE ratio of 14.79, a P/E/G ratio of 1.19 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping 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 company had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the prior year, the firm posted $0.86 EPS. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.84 EPS for the current 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on WFC. Truist Financial raised their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Citigroup lifted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group increased their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Compass Point upped their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company 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.