Miracle Mile Advisors LLC Increases Stake in Wells Fargo & Company (NYSE:WFC)

Miracle Mile Advisors LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 66.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 35,166 shares of the financial services provider’s stock after purchasing an additional 13,981 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Wells Fargo & Company were worth $2,470,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Mattson Financial Services LLC bought a new stake in Wells Fargo & Company in the 2nd quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company during the second quarter worth about $26,000. Truvestments Capital LLC bought a new stake in shares of Wells Fargo & Company in the third quarter worth about $29,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $30,000. Finally, MidAtlantic Capital Management Inc. bought a new position in Wells Fargo & Company during the 3rd quarter valued at approximately $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC stock opened at $70.59 on Tuesday. The stock’s 50 day simple moving average is $72.27 and its 200 day simple moving average is $63.07. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12-month low of $46.12 and a 12-month high of $78.13. The stock has a market capitalization of $235.03 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the prior year, the company posted $1.39 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.43 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is presently 33.26%.

Insider Transactions at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Citigroup boosted their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Barclays upped their price objective on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Compass Point lifted their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Morgan Stanley cut their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Twelve investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.92.

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.