Catalyst Financial Partners LLC Boosts Stake in Wells Fargo & Company (NYSE:WFC)

09 Jan 2024, 14:50 by Sarita Garza · The Markets Daily

Catalyst Financial Partners LLC lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 17.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,291 shares of the financial services provider’s stock after acquiring an additional 1,222 shares during the quarter. Catalyst Financial Partners LLC’s holdings in Wells Fargo & Company were worth $339,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of WFC. Studio Investment Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth about $28,000. Financial Connections Group Inc. raised its stake in shares of Wells Fargo & Company by 288.0% in the 2nd quarter. Financial Connections Group Inc. now owns 741 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 550 shares in the last quarter. Baystate Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 53.0% during the third quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 278 shares during the last quarter. Finally, Impact Partnership Wealth LLC bought a new position in shares of Wells Fargo & Company during the third quarter worth about $34,000. Institutional investors and hedge funds own 72.47% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the topic of several research reports. Barclays upped their price objective on Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. StockNews.com assumed coverage on Wells Fargo & Company in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Odeon Capital Group upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $56.08 target price for the company in a research note on Thursday, December 14th. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Finally, BMO Capital Markets boosted their price objective on shares of Wells Fargo & Company from $52.00 to $54.00 and gave the company a “market perform” rating in a research report on Monday, October 16th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.53.

Get Our Latest Analysis on WFC

Wells Fargo & Company Price Performance

Shares of WFC opened at $49.92 on Tuesday. Wells Fargo & Company has a one year low of $35.25 and a one year high of $50.77. The stock’s fifty day moving average is $45.37 and its 200-day moving average is $43.38. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $181.27 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 1.01 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, October 13th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.24 by $0.15. The firm had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.09 billion. Wells Fargo & Company had a net margin of 17.06% and a return on equity of 11.18%. Wells Fargo & Company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $1.30 EPS. Equities analysts anticipate that Wells Fargo & Company will post 4.98 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 3rd were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, November 2nd. Wells Fargo & Company’s payout ratio is currently 30.24%.

Insider Buying and Selling at Wells Fargo & Company

In other news, Director Richard K. Davis acquired 3,500 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were bought at an average price of $41.22 per share, with a total value of $144,270.00. Following the purchase, the director now owns 4,244 shares of the company’s stock, valued at $174,937.68. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.07% of the stock is currently owned by corporate insiders.

About Wells Fargo & Company

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