Wells Fargo & Company (NYSE:WFC) Shares Acquired by Mach 1 Financial Group LLC

Mach 1 Financial Group LLC lifted its position in Wells Fargo & Company (NYSE:WFC) by 11.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 93,487 shares of the financial services provider’s stock after acquiring an additional 9,674 shares during the period. Wells Fargo & Company makes up 1.7% of Mach 1 Financial Group LLC’s portfolio, making the stock its 12th largest position. Mach 1 Financial Group LLC’s holdings in Wells Fargo & Company were worth $4,601,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $25,000. Arlington Trust Co LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in shares of Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 356,620 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth about $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the topic of several analyst reports. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price target on the stock. in a research report on Thursday, January 18th. Piper Sandler decreased their price target on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 16th. Evercore ISI raised their price objective on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Finally, Citigroup reiterated a “neutral” rating and set a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. Thirteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $58.85.

Wells Fargo & Company Stock Down 0.8 %

Shares of Wells Fargo & Company stock traded down $0.48 during trading on Tuesday, hitting $59.32. 18,007,381 shares of the stock were exchanged, compared to its average volume of 19,055,352. 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’s 50-day moving average price is $57.24 and its 200 day moving average price is $49.97. The stock has a market cap of $210.02 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $61.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) 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 firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the prior year, the company posted $1.23 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, analysts forecast that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.36%. Wells Fargo & Company’s dividend payout ratio is presently 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.