a16z Perennial Management L.P. Invests $552,000 in Wells Fargo & Company $WFC

a16z Perennial Management L.P. purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,584 shares of the financial services provider’s stock, valued at approximately $552,000.

A number of other hedge funds have also bought and sold shares of the business. Hidden Cove Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company by 2.0% in the third quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider’s stock worth $499,000 after acquiring an additional 119 shares during the period. Zullo Investment Group Inc. boosted its stake in Wells Fargo & Company by 2.0% in the 3rd quarter. Zullo Investment Group Inc. now owns 6,340 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 122 shares during the period. Embree Financial Group boosted its stake in Wells Fargo & Company by 3.9% in the 3rd quarter. Embree Financial Group now owns 3,330 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 126 shares during the period. Trust Co. of Vermont grew its holdings in Wells Fargo & Company by 1.1% during the 3rd quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider’s stock valued at $1,014,000 after buying an additional 126 shares in the last quarter. Finally, Traphagen Investment Advisors LLC increased its position in shares of Wells Fargo & Company by 2.0% during the third quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock valued at $532,000 after buying an additional 127 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. CICC Research began coverage on shares of Wells Fargo & Company in a research report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 price objective for the company. UBS Group reissued a “buy” rating and issued a $113.00 price target on shares of Wells Fargo & Company in a report on Wednesday. Truist Financial decreased their price target on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Wolfe Research reiterated an “outperform” rating and issued a $109.00 price objective on shares of Wells Fargo & Company in a research report on Wednesday, January 7th. Finally, Bank of America boosted 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. Thirteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $95.92.

Wells Fargo & Company Stock Up 2.1%

Shares of NYSE:WFC opened at $93.93 on Friday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $97.76. The firm has a fifty day moving average of $91.64 and a 200 day moving average of $85.66. The firm has a market capitalization of $294.85 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.01 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90.

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

Wells Fargo & Company Dividend Announcement

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

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.