Hidden Cove Wealth Management LLC Acquires New Holdings in Wells Fargo & Company (NYSE:WFC)

Hidden Cove Wealth Management LLC bought a new position in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, Holdings Channel reports. The institutional investor bought 5,554 shares of the financial services provider’s stock, valued at approximately $390,000.

Several other large investors have also recently bought and sold shares of WFC. Two Sigma Advisers LP increased its holdings in shares of Wells Fargo & Company by 730.4% in the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after buying an additional 5,237,500 shares during the last quarter. Canoe Financial LP purchased a new position in Wells Fargo & Company in the third quarter worth $160,529,000. Caisse DE Depot ET Placement DU Quebec grew its position in Wells Fargo & Company by 158.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after acquiring an additional 1,659,716 shares in the last quarter. Artemis Investment Management LLP increased its stake in Wells Fargo & Company by 410.8% in the fourth quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after acquiring an additional 1,105,679 shares during the last quarter. Finally, National Pension Service raised its position in Wells Fargo & Company by 15.2% during the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after purchasing an additional 897,195 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Down 0.5 %

NYSE WFC opened at $79.22 on Thursday. Wells Fargo & Company has a 1 year low of $47.59 and a 1 year high of $81.50. The stock has a market capitalization of $263.76 billion, a PE ratio of 14.72, a PEG ratio of 1.22 and a beta of 1.18. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The business’s 50-day moving average is $74.08 and its 200 day moving average is $65.78.

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

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.74%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on WFC. Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Piper Sandler upped their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Evercore ISI increased their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & 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.