Miracle Mile Advisors LLC Has $845,000 Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Posted by Defense World Staff on Mar 31st, 2023

Miracle Mile Advisors LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 7.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,464 shares of the financial services provider’s stock after purchasing an additional 1,395 shares during the period. Miracle Mile Advisors LLC’s holdings in Wells Fargo & Company were worth $845,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of WFC. Financial Management Professionals Inc. raised its holdings in 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 worth $28,000 after purchasing an additional 275 shares during the period. FNY Investment Advisers LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth $34,000. Orion Capital Management LLC raised its holdings in 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 worth $36,000 after purchasing an additional 500 shares during the period. Lam Group Inc. acquired a new stake in Wells Fargo & Company in the fourth quarter worth $37,000. Finally, Worth Asset Management LLC acquired a new stake in Wells Fargo & Company in the first quarter worth $40,000. 72.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Kleber Santos sold 34,698 shares of Wells Fargo & Company stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $46.27, for a total value of $1,605,476.46. Following the completion of the transaction, the executive vice president now owns 19,590 shares of the company’s stock, valued at approximately $906,429.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, March 13th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wells Fargo & Company from $60.00 to $50.00 in a report on Friday, January 6th. Cfra upgraded shares of Wells Fargo & Company to a “buy” rating and set a $50.00 price objective on the stock in a report on Friday, January 13th. Jefferies Financial Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $49.00 to $46.00 in a report on Tuesday, January 17th. Finally, Barclays raised their price objective on shares of Wells Fargo & Company from $58.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.88.

Wells Fargo & Company Stock Down 1.6 %

Shares of WFC stock opened at $37.38 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.08. Wells Fargo & Company has a 1 year low of $35.25 and a 1 year high of $53.30. The firm’s fifty day moving average price is $43.96 and its two-hundred day moving average price is $43.81. The firm has a market capitalization of $141.19 billion, a P/E ratio of 11.90, a PEG ratio of 0.76 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC – Get Rating) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $19.66 billion for the quarter, compared to analyst estimates of $20.04 billion. During the same period in the previous year, the business earned $1.38 EPS. The company’s revenue was down 5.7% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & Company will post 4.8 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Friday, February 3rd were paid a $0.30 dividend. The ex-dividend date of this dividend was Thursday, February 2nd. This represents a $1.20 annualized dividend and a yield of 3.21%. Wells Fargo & Company’s payout ratio is currently 38.22%.

Wells Fargo & Company Company Profile

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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.