Gabelli Funds LLC Acquires 7,300 Shares of Wells Fargo & Company (NYSE:WFC)

Posted by Defense World Staff on Feb 25th, 2023

Gabelli Funds LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC – Get Rating) by 0.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,123,050 shares of the financial services provider’s stock after purchasing an additional 7,300 shares during the quarter. Gabelli Funds LLC’s holdings in Wells Fargo & Company were worth $45,169,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $26,000. Financial Management Professionals Inc. boosted its position in shares of Wells Fargo & Company by 66.6% in the third quarter. Financial Management Professionals Inc. now owns 688 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 275 shares during the period. Orion Capital Management LLC boosted its position in shares of Wells Fargo & Company by 125.0% in the third quarter. Orion Capital Management LLC now owns 900 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 500 shares during the period. Worth Asset Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $40,000. Finally, Private Ocean LLC boosted its position in shares of Wells Fargo & Company by 42.6% in the third quarter. Private Ocean LLC now owns 1,027 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 307 shares during the period. Institutional investors own 72.24% of the company’s stock.

Wells Fargo & Company Trading Up 0.8 %

WFC stock opened at $46.62 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $36.54 and a one year high of $54.44. The company’s 50 day moving average price is $44.57 and its two-hundred day moving average price is $44.43. The company has a market capitalization of $176.87 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 0.94 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC – Get Rating) last issued its earnings results on Friday, January 13th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Wells Fargo & Company had a net margin of 15.91% and a return on equity of 9.28%. The company had revenue of $19.66 billion for the quarter, compared to the consensus estimate of $20.04 billion. During the same period in the previous year, the firm earned $1.38 earnings per share. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Company will post 4.81 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Friday, February 3rd will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Thursday, February 2nd. Wells Fargo & Company’s payout ratio is 38.22%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of analyst reports. Odeon Capital Group upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $51.79 price objective for the company in a research report on Tuesday, January 10th. Jefferies Financial Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and dropped their target price for the company from $49.00 to $46.00 in a research report on Tuesday, January 17th. JPMorgan Chase & Co. lifted their target price on shares of Wells Fargo & Company from $46.50 to $49.50 in a research report on Wednesday, November 2nd. Citigroup lifted their target price on shares of Wells Fargo & Company from $48.00 to $52.00 in a research report on Tuesday, January 17th. Finally, Piper Sandler lowered shares of Wells Fargo & Company from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $49.00 to $47.00 in a research report on Tuesday, January 17th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $52.09.

About Wells Fargo & Company

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