Firetrail Investments PTY Ltd. Invests $4.81 Million in Wells Fargo & Company $WFC

Firetrail Investments PTY Ltd. bought a new stake in Wells Fargo & Company (NYSE:WFC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 57,795 shares of the financial services provider’s stock, valued at approximately $4,807,000. Wells Fargo & Company makes up approximately 1.2% of Firetrail Investments PTY Ltd.’s investment portfolio, making the stock its 28th biggest position.

Several other hedge funds also recently modified their holdings of the stock. MCF Advisors LLC grew its holdings in Wells Fargo & Company by 22.6% during the third quarter. MCF Advisors LLC now owns 8,780 shares of the financial services provider’s stock worth $736,000 after buying an additional 1,619 shares in the last quarter. Signature Estate & Investment Advisors LLC grew its stake in shares of Wells Fargo & Company by 17.8% in the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 11,021 shares of the financial services provider’s stock worth $924,000 after acquiring an additional 1,669 shares in the last quarter. B.O.S.S. Retirement Advisors LLC raised its holdings in shares of Wells Fargo & Company by 17.1% in the third quarter. B.O.S.S. Retirement Advisors LLC now owns 8,399 shares of the financial services provider’s stock valued at $704,000 after purchasing an additional 1,228 shares during the last quarter. First Dallas Securities Inc. raised its holdings in shares of Wells Fargo & Company by 6.2% in the third quarter. First Dallas Securities Inc. now owns 19,834 shares of the financial services provider’s stock valued at $1,662,000 after purchasing an additional 1,154 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Wells Fargo & Company by 54.2% during the third quarter. Smartleaf Asset Management LLC now owns 38,088 shares of the financial services provider’s stock valued at $3,224,000 after purchasing an additional 13,393 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on WFC. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $92.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Freedom Capital downgraded Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 15th. Evercore dropped their price target on Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, January 15th. Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Finally, Truist Financial decreased their target price on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Thirteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.92.

Wells Fargo & Company Stock Up 2.1%

WFC stock opened at $93.93 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90. The company has a market capitalization of $294.85 billion, a price-to-earnings ratio of 14.98, a PEG ratio of 1.03 and a beta of 1.09. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $97.76. The stock has a fifty day moving average of $91.64 and a 200-day moving average of $85.68.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The business had revenue of $11.97 billion for the quarter, compared to analysts’ expectations of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.43 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is presently 28.71%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.