71 West Capital Partners Buys Shares of 12,441 Wells Fargo & Company $WFC

71 West Capital Partners purchased a new position in Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,441 shares of the financial services provider’s stock, valued at approximately $1,160,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $4,512,563,000. Capital Research Global Investors lifted its position in shares of Wells Fargo & Company by 18.6% in the third quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider’s stock worth $2,989,104,000 after buying an additional 5,584,930 shares during the last quarter. Mawer Investment Management Ltd. lifted its position in shares of Wells Fargo & Company by 177.7% in the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider’s stock worth $454,455,000 after buying an additional 3,120,399 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Wells Fargo & Company in the third quarter worth about $215,638,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after buying an additional 2,369,260 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.7%

Wells Fargo & Company stock opened at $83.18 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50-day simple moving average is $79.61 and its 200-day simple moving average is $84.65. The firm has a market capitalization of $254.56 billion, a PE ratio of 12.84, a PEG ratio of 0.98 and a beta of 0.93. Wells Fargo & Company has a 52 week low of $72.30 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.02. The business had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is presently 27.78%.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo was named the preferred mortgage lender for ICON’s 3D-printed homes, a partnership that could expand its role in affordable housing finance and create a new source of mortgage business. Wells Fargo Ties 3D Printed Home Lending To Housing Affordability Story
• Positive Sentiment: The arrangement with ICON highlights Wells Fargo’s push into innovative housing solutions, which may help support long-term mortgage origination growth if 3D-printed homebuilding gains traction. Wells Fargo Named as ICON Preferred Mortgage Lender to Support 3D?Printed Homes
• Neutral Sentiment: Wells Fargo and the NAHB reported that U.S. homebuilder sentiment fell to 35 in June, reflecting pressure from elevated mortgage rates and higher materials costs. That is more a sign of a tougher housing market than a direct company-specific setback. U.S. Homebuilder Sentiment Slips as Mortgage Rates Remain Elevated
• Neutral Sentiment: Another NAHB/Wells Fargo survey showed homebuilder confidence weakening slightly more than expected in June, reinforcing the cautious backdrop for housing demand. U.S. Homebuilder Confidence Dips Slightly More Than Expected In June
• Negative Sentiment: Rising mortgage rates and softer builder sentiment could weigh on housing-related lending volumes, limiting near-term upside for Wells Fargo’s mortgage franchise. US Homebuilder Sentiment Falls, Driven by Drop in South

Analysts Set New Price Targets

WFC has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating for the company in a research report on Monday, March 23rd. Morgan Stanley reduced their price target on Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Finally, Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.53.

Wells Fargo & Company 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.