TD Asset Management Inc. Grows Stock Holdings in Wells Fargo & Company (NYSE:WFC)

TD Asset Management Inc. raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 16.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,630,649 shares of the financial services provider’s stock after acquiring an additional 232,203 shares during the period. TD Asset Management Inc.’s holdings in Wells Fargo & Company were worth $114,537,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $26,000. Truvestments Capital LLC purchased a new position in Wells Fargo & Company during the 3rd quarter worth $29,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth $30,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $30,000. Finally, Rakuten Securities Inc. increased its stake in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup lowered their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday. Piper Sandler upped their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Barclays raised their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Morgan Stanley upped 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. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.18.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $74.27 on Wednesday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The firm has a market cap of $244.21 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company’s 50-day moving average is $76.09 and its two-hundred day moving average is $69.76. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 earnings per share. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

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.