Wells Fargo & Company (NYSE:WFC) Shares Bought by Zullo Investment Group Inc.

Zullo Investment Group Inc. grew its stake in Wells Fargo & Company (NYSE:WFC) by 5.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 6,180 shares of the financial services provider’s stock after acquiring an additional 333 shares during the period. Zullo Investment Group Inc.’s holdings in Wells Fargo & Company were worth $434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Income Research & Management purchased a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $211,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $30,000. McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $30,000. Decker Retirement Planning Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in Wells Fargo & Company during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WFC shares. Morgan Stanley boosted their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods boosted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Evercore ISI increased their price target 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. Truist Financial lifted their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Citigroup upped their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $80.38 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $267.63 billion, a P/E ratio of 14.94, a PEG ratio of 1.21 and a beta of 1.18. The firm has a fifty day moving average of $74.90 and a 200-day moving average of $66.64. 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 issued 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. 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 the consensus estimate of $20.58 billion. During the same quarter last year, the company earned $0.86 earnings per share. Wells Fargo & Company’s revenue for the quarter was down .5% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio 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.