Patrick M Sweeney & Associates Inc. Invests $226,000 in Wells Fargo & Company (NYSE:WFC)

Patrick M Sweeney & Associates Inc. purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,587 shares of the financial services provider’s stock, valued at approximately $226,000.

Other hedge funds have also bought and sold shares of the company. Arlington Trust Co LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $25,000. Tennessee Valley Asset Management Partners acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $29,000. Fortis Group Advisors LLC bought a new position in Wells Fargo & Company during the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $32,000. Finally, Bfsg LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on WFC shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $51.00 price target on shares of Wells Fargo & Company in a research note on Tuesday, January 9th. Raymond James lifted their price objective on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 16th. HSBC raised their target price on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Jefferies Financial Group boosted their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Finally, Odeon Capital Group cut Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price on the stock. in a research report on Thursday, January 18th. Fourteen research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.99.

Wells Fargo & Company Trading Up 0.1 %

Wells Fargo & Company stock traded up $0.05 during mid-day trading on Tuesday, hitting $60.24. 16,268,222 shares of the stock were exchanged, compared to its average volume of 18,899,662. The stock has a market capitalization of $210.02 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.16 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $37.18 and a 12 month high of $61.76. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The firm’s fifty day simple moving average is $57.86 and its two-hundred day simple moving average is $50.62.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating 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 business had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 5.08 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.32%. Wells Fargo & Company’s payout ratio is currently 29.23%.

About Wells Fargo & Company

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.