Assetmark Inc. Increases Stake in Wells Fargo & Company $WFC

Assetmark Inc. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 16.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 974,964 shares of the financial services provider’s stock after purchasing an additional 138,167 shares during the period. Assetmark Inc.’s holdings in Wells Fargo & Company were worth $81,721,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board increased its position in shares of Wells Fargo & Company by 1.3% during the third quarter. Public Sector Pension Investment Board now owns 1,600,740 shares of the financial services provider’s stock worth $134,174,000 after acquiring an additional 21,066 shares during the period. Atria Investments Inc grew its stake in Wells Fargo & Company by 6.0% in the third quarter. Atria Investments Inc now owns 280,168 shares of the financial services provider’s stock worth $23,484,000 after purchasing an additional 15,946 shares in the last quarter. Verde Servicos Internacionais S.A. purchased a new position in Wells Fargo & Company during the 3rd quarter worth $9,928,000. Illinois Municipal Retirement Fund raised its position in Wells Fargo & Company by 3.4% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 335,853 shares of the financial services provider’s stock valued at $28,151,000 after purchasing an additional 11,120 shares in the last quarter. Finally, Varma Mutual Pension Insurance Co raised its position in Wells Fargo & Company by 21.9% during the 3rd quarter. Varma Mutual Pension Insurance Co now owns 537,859 shares of the financial services provider’s stock valued at $45,083,000 after purchasing an additional 96,700 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Robert W. Baird lowered Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. TD Cowen dropped their target price on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating on the stock in a report on Thursday, January 15th. Argus raised their target price on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Truist Financial reduced their price target on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Finally, Wolfe Research reiterated an “outperform” rating and set a $109.00 price objective on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Thirteen investment 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.29.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $86.18 on Friday. The company has a 50 day simple moving average of $91.86 and a two-hundred day simple moving average of $85.85. The stock has a market cap of $270.53 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.97 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.84 and a debt-to-equity ratio of 1.05. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $97.76.

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

Wells Fargo & Company Dividend Announcement

The business 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 $0.45 dividend. 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 payout ratio is 28.71%.

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.