Carnegie Investment Counsel Raises Position in Wells Fargo & Company (NYSE:WFC)

Carnegie Investment Counsel raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 30.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,959 shares of the financial services provider’s stock after buying an additional 6,008 shares during the period. Carnegie Investment Counsel’s holdings in Wells Fargo & Company were worth $1,823,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the third quarter worth approximately $29,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $30,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in Wells Fargo & Company during the 3rd quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday. Morgan Stanley boosted their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday. UBS Group increased their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group boosted their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Citigroup raised their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Twelve investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $72.17.

Wells Fargo & Company Stock Up 1.7 %

Shares of NYSE:WFC opened at $77.22 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a fifty day simple moving average of $72.60 and a two-hundred day simple moving average of $63.33. 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 $257.11 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.86 EPS. On average, research analysts anticipate that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

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.