First Trust Direct Indexing L.P. raised its position in Wells Fargo & Company (NYSE:WFC) by 8.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,007 shares of the financial services provider’s stock after buying an additional 6,283 shares during the period. First Trust Direct Indexing L.P.’s holdings in Wells Fargo & Company were worth $4,579,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Core Wealth Advisors Inc. purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $25,000. Arlington Trust Co LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $25,000. Tennessee Valley Asset Management Partners bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $29,000. Fortis Group Advisors LLC bought a new position in shares of Wells Fargo & Company during the third quarter worth about $25,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $32,000. 75.90% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Company Price Performance
Wells Fargo & Company stock traded down $0.31 during midday trading on Thursday, hitting $60.66. The company’s stock had a trading volume of 6,698,813 shares, compared to its average volume of 18,808,808. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The company has a market capitalization of $211.48 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 1.50 and a beta of 1.17. The stock’s 50-day moving average price is $59.54 and its 200-day moving average price is $55.34.
Wells Fargo & Company Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.31%. Wells Fargo & Company’s payout ratio is currently 29.23%.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the stock. Jefferies Financial Group increased their price target on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research report on Wednesday. Citigroup reaffirmed a “neutral” rating and set a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. The Goldman Sachs Group increased their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Compass Point reiterated a “neutral” rating and set a $64.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Fourteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $59.36.
View Our Latest Research Report on Wells Fargo & Company
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.
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