Spinnaker Investment Group LLC Invests $219,000 in Wells Fargo & Company (NYSE:WFC)

Spinnaker Investment Group LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 3,784 shares of the financial services provider’s stock, valued at approximately $219,000.

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

Wells Fargo & Company Stock Down 0.5 %

Wells Fargo & Company stock traded down $0.31 during trading hours on Thursday, hitting $60.66. The company had a trading volume of 6,698,813 shares, compared to its average volume of 18,808,808. The firm has a market capitalization of $211.48 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.50 and a beta of 1.17. 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 fifty day moving average is $59.54 and its 200-day moving average is $55.34. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.23 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.13 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.31%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is 29.23%.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 target price (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Argus boosted their target price on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, Citigroup restated a “neutral” rating and set a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Fourteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $59.36.

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.