Prestige Wealth Management Group LLC Grows Position in Wells Fargo & Company (NYSE:WFC)

Prestige Wealth Management Group LLC grew its stake in Wells Fargo & Company (NYSE:WFC) by 11.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,645 shares of the financial services provider’s stock after buying an additional 1,259 shares during the period. Prestige Wealth Management Group LLC’s holdings in Wells Fargo & Company were worth $622,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. LSV Asset Management lifted its stake in Wells Fargo & Company by 40.4% during the 4th quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock valued at $458,162,000 after acquiring an additional 2,677,050 shares during the period. Nordea Investment Management AB boosted its holdings in Wells Fargo & Company by 42.7% in the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock valued at $285,668,000 after purchasing an additional 1,729,132 shares during the last quarter. Artemis Investment Management LLP grew its position in Wells Fargo & Company by 87.8% during the 4th quarter. Artemis Investment Management LLP now owns 3,314,853 shares of the financial services provider’s stock worth $163,160,000 after purchasing an additional 1,549,979 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter valued at about $54,894,000. Finally, Canoe Financial LP lifted its holdings in shares of Wells Fargo & Company by 56.1% in the 4th quarter. Canoe Financial LP now owns 3,731,722 shares of the financial services provider’s stock valued at $183,675,000 after buying an additional 1,341,570 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded up $0.02 during midday trading on Friday, hitting $61.08. The company’s stock had a trading volume of 15,795,963 shares, compared to its average volume of 18,543,062. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The company has a market cap of $212.94 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. 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 business’s 50 day simple moving average is $58.72 and its 200 day simple moving average is $51.78.

Wells Fargo & Company (NYSE:WFCGet Free Report) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the previous year, the firm posted $1.23 EPS. The business’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 5.08 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Analyst Ratings Changes

Several research firms recently commented on WFC. Morgan Stanley raised their target price on Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Evercore ISI lifted their target price on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Citigroup reissued a “neutral” rating and set a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. The Goldman Sachs Group lifted their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, Argus increased their target price on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Fourteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $58.99.

Check Out Our Latest Research Report on WFC

About Wells Fargo & Company

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFCFree Report).

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.