SteelPeak Wealth LLC Raises Stake in Wells Fargo & Company $WFC

SteelPeak Wealth LLC raised its position in Wells Fargo & Company (NYSE:WFC) by 31.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,927 shares of the financial services provider’s stock after purchasing an additional 12,756 shares during the quarter. SteelPeak Wealth LLC’s holdings in Wells Fargo & Company were worth $4,436,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Access Investment Management LLC purchased a new position in Wells Fargo & Company in the second quarter valued at approximately $25,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 2nd quarter valued at $27,000. 1248 Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $31,000. Finally, Kilter Group LLC purchased a new stake in Wells Fargo & Company in the second quarter valued at $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on WFC shares. Bank of America lifted their target price on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Morgan Stanley lifted their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. TD Cowen raised their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Wednesday, October 15th. Finally, Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.04.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $93.16 on Friday. The company has a market cap of $292.44 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 0.96 and a beta of 1.09. Wells Fargo & Company has a one year low of $58.42 and a one year high of $95.85. The business has a fifty day moving average of $88.65 and a two-hundred day moving average of $83.53. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, beating the consensus estimate of $1.55 by $0.18. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. During the same quarter last year, the business earned $1.42 earnings per share. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 7th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 1.9%. Wells Fargo & Company’s payout ratio is currently 29.61%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.