Forte Capital LLC ADV Takes Position in Wells Fargo & Company (NYSE:WFC)

Forte Capital LLC ADV purchased a new position in Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,345 shares of the financial services provider’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also bought and sold shares of WFC. TCG Advisory Services LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $13,124,000. AJOVista LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $173,000. Provence Wealth Management Group grew its position in shares of Wells Fargo & Company by 11.7% in the 4th quarter. Provence Wealth Management Group now owns 10,133 shares of the financial services provider’s stock worth $499,000 after buying an additional 1,062 shares during the period. Sapient Capital LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth about $576,000. Finally, Axxcess Wealth Management LLC lifted its position in Wells Fargo & Company by 22.5% during the 4th quarter. Axxcess Wealth Management LLC now owns 65,453 shares of the financial services provider’s stock valued at $3,222,000 after acquiring an additional 12,026 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded up $0.11 during mid-day trading on Friday, reaching $59.94. 17,298,461 shares of the company traded hands, compared to its average volume of 19,706,676. The company’s 50 day moving average price is $57.63 and its 200-day moving average price is $50.23. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market cap of $212.21 billion, a PE ratio of 12.51, a PEG ratio of 1.16 and a beta of 1.18. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $61.76.

Wells Fargo & Company (NYSE:WFC) 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 net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter in the prior year, the firm posted $1.23 EPS. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 5.08 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a report on Wednesday. Robert W. Baird reiterated a “neutral” rating and set a $55.00 price target on shares of Wells Fargo & Company in a report on Monday, January 8th. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Finally, HSBC increased their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $58.99.

Wells Fargo & Company Company Profile

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.