Callodine Capital Management LP Boosts Stock Position in Wells Fargo & Company $WFC

Callodine Capital Management LP increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 290.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 395,970 shares of the financial services provider’s stock after acquiring an additional 294,470 shares during the period. Wells Fargo & Company comprises 2.2% of Callodine Capital Management LP’s investment portfolio, making the stock its 18th biggest position. Callodine Capital Management LP’s holdings in Wells Fargo & Company were worth $31,523,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after buying an additional 25,436 shares during the period. Jump Financial LLC lifted its holdings in Wells Fargo & Company by 12.9% during the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock worth $1,835,000 after buying an additional 2,615 shares in the last quarter. Main Street Financial Solutions LLC boosted its position in Wells Fargo & Company by 111.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock valued at $1,122,000 after buying an additional 7,368 shares during the period. Vivaldi Capital Management LP boosted its position in Wells Fargo & Company by 5.4% in the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock valued at $259,000 after buying an additional 165 shares during the period. Finally, Diversify Advisory Services LLC boosted its position in Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock valued at $2,044,000 after buying an additional 8,714 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. KGI Securities lowered Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Bank of America upped their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, UBS Group reduced their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $98.50.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.39 on Friday. The stock has a market cap of $264.37 billion, a P/E ratio of 12.56, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92. The company has a fifty day simple moving average of $82.72 and a 200-day simple moving average of $83.51. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders 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 yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 26.16%.

About Wells Fargo & Company

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.