Synergy Asset Management LLC Makes New $10.73 Million Investment in Wells Fargo & Company $WFC

Synergy Asset Management LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) during the 3rd quarter, Holdings Channel reports. The firm acquired 127,998 shares of the financial services provider’s stock, valued at approximately $10,729,000.

Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of Wells Fargo & Company by 1.3% during the third quarter. Signaturefd LLC now owns 64,000 shares of the financial services provider’s stock worth $5,364,000 after purchasing an additional 827 shares in the last quarter. PDS Planning Inc boosted its stake in Wells Fargo & Company by 3.2% in the 3rd quarter. PDS Planning Inc now owns 13,159 shares of the financial services provider’s stock worth $1,103,000 after purchasing an additional 409 shares during the period. GAM Holding AG grew its holdings in Wells Fargo & Company by 587.8% during the 3rd quarter. GAM Holding AG now owns 121,543 shares of the financial services provider’s stock valued at $10,188,000 after buying an additional 103,873 shares in the last quarter. NTV Asset Management LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at approximately $323,000. Finally, Brown Miller Wealth Management LLC raised its position in shares of Wells Fargo & Company by 70.1% during the third quarter. Brown Miller Wealth Management LLC now owns 7,424 shares of the financial services provider’s stock valued at $622,000 after buying an additional 3,060 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 2.1%

Shares of NYSE WFC opened at $95.15 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $95.85. The firm’s 50-day moving average price is $88.82 and its 200-day moving average price is $83.68. The stock has a market capitalization of $298.68 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 0.85 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same quarter last year, the business posted $1.42 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were given 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 dividend yield of 1.9%. Wells Fargo & Company’s payout ratio is currently 29.61%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research reports. Truist Financial upped their target price on shares of Wells Fargo & Company from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $92.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Bank of America raised their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. UBS Group dropped their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Finally, TD Cowen lifted their price objective on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.04.

Wells Fargo & Company Company Profile

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.