Sunburst Financial Group LLC Buys New Stake in Wells Fargo & Company (NYSE:WFC)

Sunburst Financial Group LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, HoldingsChannel reports. The fund purchased 3,252 shares of the financial services provider’s stock, valued at approximately $228,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. lifted its position in Wells Fargo & Company by 106.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 48,233 shares of the financial services provider’s stock worth $2,725,000 after acquiring an additional 24,911 shares in the last quarter. B.O.S.S. Retirement Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter valued at approximately $452,000. Alliance Wealth Advisors LLC lifted its position in shares of Wells Fargo & Company by 2.0% during the third quarter. Alliance Wealth Advisors LLC now owns 10,505 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 210 shares in the last quarter. Hengehold Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the third quarter valued at $260,000. Finally, Mezzasalma Advisors LLC grew its holdings in Wells Fargo & Company by 6.9% during the 3rd quarter. Mezzasalma Advisors LLC now owns 4,562 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 295 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $78.76 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm’s 50-day moving average price is $74.20 and its two-hundred day moving average price is $65.87. Wells Fargo & Company has a 52-week low of $47.96 and a 52-week high of $81.50. The stock has a market capitalization of $262.23 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.22 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced 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 business had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the business posted $0.86 EPS. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Wall Street Analyst Weigh In

A number of brokerages have commented on WFC. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Citigroup raised their price objective 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. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Finally, Barclays increased their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and a consensus price target of $73.39.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.