Steele Capital Management Inc. Acquires Shares of 9,032 Wells Fargo & Company (NYSE:WFC)

Steele Capital Management Inc. bought a new stake in Wells Fargo & Company (NYSE:WFC) in the fourth quarter, HoldingsChannel reports. The fund bought 9,032 shares of the financial services provider’s stock, valued at approximately $445,000.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Evercore ISI increased their price objective on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Raymond James increased their price objective on Wells Fargo & Company from $55.00 to $58.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 16th. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Morgan Stanley upped their price target on Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Thirteen 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. According to MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $58.85.

Wells Fargo & Company Trading Down 0.1 %

NYSE:WFC traded down $0.04 during mid-day trading on Tuesday, hitting $59.76. 3,610,423 shares of the company’s stock were exchanged, compared to its average volume of 18,879,938. The firm has a market capitalization of $211.57 billion, a P/E ratio of 12.49, a PEG ratio of 1.16 and a beta of 1.19. Wells Fargo & Company has a fifty-two week low of $36.40 and a fifty-two week high of $61.76. The company has a 50 day simple moving average of $57.09 and a 200-day simple moving average of $49.84. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly 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. The firm had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 5.06 earnings per share for the current year.

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.