Proficio Capital Partners LLC Grows Stake in Wells Fargo & Company (NYSE:WFC)

Proficio Capital Partners LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 10,684.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 692,247 shares of the financial services provider’s stock after purchasing an additional 685,828 shares during the period. Proficio Capital Partners LLC’s holdings in Wells Fargo & Company were worth $48,623,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter valued at $29,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $30,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $30,000. Decker Retirement Planning Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $32,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in shares of Wells Fargo & Company during the third quarter valued at $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on WFC. UBS Group boosted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods boosted their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Piper Sandler boosted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Finally, Barclays boosted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Stock Up 2.3 %

WFC stock opened at $78.35 on Friday. The stock has a market capitalization of $260.87 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.18 and a beta of 1.18. The firm has a 50-day simple moving average of $75.87 and a 200-day simple moving average of $67.75. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.86 earnings per share. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

About Wells Fargo & Company

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.