Mach 1 Financial Group LLC Raises Stake in Wells Fargo & Company (NYSE:WFC)

Mach 1 Financial Group LLC raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 11.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 93,487 shares of the financial services provider’s stock after buying an additional 9,674 shares during the quarter. Wells Fargo & Company comprises 1.7% of Mach 1 Financial Group LLC’s portfolio, making the stock its 12th largest holding. Mach 1 Financial Group LLC’s holdings in Wells Fargo & Company were worth $4,601,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Stoneridge Investment Partners LLC lifted its holdings in shares of Wells Fargo & Company by 410.5% during the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock worth $2,757,000 after acquiring an additional 54,262 shares during the last quarter. United Services Automobile Association increased its position in shares of Wells Fargo & Company by 13.7% during the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after purchasing an additional 11,825 shares during the last quarter. Synovus Financial Corp lifted its position in Wells Fargo & Company by 61.7% in the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock worth $4,983,000 after buying an additional 46,525 shares during the last quarter. Trust Point Inc. bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $2,499,000. Finally, WealthPlan Investment Management LLC boosted its stake in Wells Fargo & Company by 2,174.3% in the third quarter. WealthPlan Investment Management LLC now owns 21,287 shares of the financial services provider’s stock worth $870,000 after buying an additional 20,351 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WFC shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $51.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, January 9th. Odeon Capital Group cut shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price objective on the stock. in a research report on Thursday, January 18th. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Argus boosted their target price on Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Finally, HSBC raised their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Thirteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $58.85.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded down $0.48 during midday trading on Tuesday, hitting $59.32. 18,007,381 shares of the company’s stock traded hands, compared to its average volume of 19,055,352. The firm has a fifty day moving average of $57.24 and a 200 day moving average of $49.97. Wells Fargo & Company has a 1 year low of $36.40 and a 1 year high of $61.76. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $210.02 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the firm earned $1.23 EPS. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts forecast that Wells Fargo & Company will post 5.06 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.36%. Wells Fargo & Company’s payout ratio is 29.23%.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.