Harmony Asset Management LLC Takes $657,000 Position in Wells Fargo & Company $WFC

Harmony Asset Management LLC acquired a new position in Wells Fargo & Company (NYSE:WFC) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 7,834 shares of the financial services provider’s stock, valued at approximately $657,000.

Several other large investors have also recently bought and sold shares of WFC. Hilton Capital Management LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $3,656,000. Mawer Investment Management Ltd. acquired a new position in Wells Fargo & Company in the third quarter valued at approximately $147,165,000. Guerra Advisors Inc boosted its stake in Wells Fargo & Company by 43.2% in the third quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock valued at $3,222,000 after acquiring an additional 11,594 shares during the last quarter. AlphaQuest LLC grew its holdings in Wells Fargo & Company by 1,121.0% during the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock worth $2,018,000 after acquiring an additional 22,107 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in Wells Fargo & Company during the 2nd quarter worth $40,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.9%

WFC stock opened at $93.11 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84. The stock has a market capitalization of $292.28 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.01 and a beta of 1.09. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $97.76. The business has a 50-day moving average of $91.35 and a 200-day moving average of $85.52.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.66 by $0.10. The firm had revenue of $11.97 billion for the quarter, compared to analysts’ expectations of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.43 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, February 6th. This represents a $1.80 annualized dividend and a yield of 1.9%. Wells Fargo & Company’s dividend payout ratio is presently 28.71%.

Analyst Ratings Changes

Several research analysts have recently issued reports on WFC shares. Robert W. Baird lowered Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Wednesday, January 21st. CICC Research assumed coverage on Wells Fargo & Company in a research report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 target price for the company. Evercore ISI cut their price target on shares of Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Thursday, January 15th. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 15th. Thirteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.92.

Wells Fargo & 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.