Assetmark Inc. Raises Position in Wells Fargo & Company $WFC

Assetmark Inc. lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 16.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 974,964 shares of the financial services provider’s stock after acquiring an additional 138,167 shares during the period. Assetmark Inc.’s holdings in Wells Fargo & Company were worth $81,721,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Hilton Capital Management LLC purchased a new position in Wells Fargo & Company in the second quarter worth about $3,656,000. Mawer Investment Management Ltd. bought a new stake in Wells Fargo & Company in the 3rd quarter worth about $147,165,000. Guerra Advisors Inc raised its position in Wells Fargo & Company by 43.2% in the 3rd quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock worth $3,222,000 after buying an additional 11,594 shares during the last quarter. AlphaQuest LLC raised its position in Wells Fargo & Company by 1,121.0% in the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock worth $2,018,000 after buying an additional 22,107 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in Wells Fargo & Company by 54.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 38,088 shares of the financial services provider’s stock valued at $3,224,000 after acquiring an additional 13,393 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $86.18 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $97.76. The business has a 50-day moving average price of $91.86 and a 200-day moving average price of $85.85. The firm has a market cap of $270.53 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, topping 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 company had revenue of $11.97 billion for the quarter, compared to analysts’ expectations of $21.63 billion. During the same period in the previous year, the firm earned $1.43 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is 28.71%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of research analyst reports. Robert W. Baird downgraded shares of Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. Royal Bank Of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Wells Fargo & Company in a research note on Thursday, January 15th. Evercore dropped their price target on Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, January 15th. TD Cowen cut their price objective on Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, January 15th. Finally, Barclays upped their price objective on Wells Fargo & Company from $94.00 to $113.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Thirteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.29.

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.