Angeles Wealth Management LLC Increases Holdings in Wells Fargo & Company

Angeles Wealth Management LLC has significantly increased its investment in Wells Fargo & Company (NYSE:WFC) by 199.2% during the fourth quarter. According to the recent Form 13F filing submitted to the Securities and Exchange Commission, this institutional investor now owns 44,469 shares of the financial services firm. This increase came after acquiring an additional 29,604 shares throughout the quarter, bringing the total value of their holdings to approximately $3,124,000 at the closure of the recent reporting period.

Investment Activity from Other Institutions

Recently, various hedge funds and institutional investors have also been active in buying and selling Wells Fargo shares. For instance, the National Pension Service raised its stake by 15.2% in the third quarter, now holding 6,789,371 shares valued at $383,532,000 after adding 897,195 shares. Similarly, Diamond Hill Capital Management Inc. increased its position by 2.5%, owning 6,641,581 shares worth $375,183,000 after purchasing an additional 162,066 shares.

Moreover, Nordea Investment Management AB expanded its investment by 10.1% in the fourth quarter, accumulating a total of 6,284,421 shares valued at $441,983,000. Two Sigma Advisers LP substantially enhanced its holdings by 730.4% during the third quarter, now owning 5,954,600 shares valued at $336,375,000 after acquiring 5,237,500 shares. Additionally, Canoe Financial LP entered a new investment in Wells Fargo in the third quarter, valued at approximately $160,529,000. Currently, institutional investors own about 75.90% of the company's stock.

Current Stock Performance

The shares of Wells Fargo opened at $80.76 on a recent Monday. The company's stock has displayed a 50-day moving average of $73.89 and a 200-day moving average of $65.47. Over the past year, the stock reached a low of $47.47 and a high of $81.50, showcasing its volatility. Currently, Wells Fargo has a market capitalization of $268.89 billion, a price-to-earnings ratio of 15.01, and a price-to-earnings to growth ratio of 1.22. Its debt-to-equity ratio stands at 1.07, with a current ratio of 0.86 and a quick ratio of 0.85.

Recent Earnings Report

On January 15, Wells Fargo announced its latest earnings results, reporting earnings per share (EPS) of $1.43, exceeding the consensus estimate of $1.34 by $0.09. The company's revenue for the quarter totaled $20.38 billion, slightly falling short of the expected $20.58 billion. Furthermore, Wells Fargo recorded a net margin of 15.73% and a return on equity of 12.38%, indicating solid financial performance. However, the revenue decreased by 0.5% compared to the same quarter last year, where the company had reported an EPS of $0.86. Currently, analysts predict that the company will achieve an EPS of 5.89 for the current year.

Dividend Announcement

Wells Fargo has recently declared a quarterly dividend that will be distributed on March 1st. Shareholders on record as of January 7th will receive a dividend of $0.40 per share. This dividend corresponds to an annualized figure of $1.60, translating to a yield of 1.98%. The ex-dividend date is set for February 7th, with a current dividend payout ratio of 29.74%.

Market Analysts' Insights

Several analysts have recently commented on Wells Fargo's stock. Evercore ISI raised their price target from $71.00 to $77.00, maintaining an "outperform" rating. Royal Bank of Canada reiterated a "sector perform" rating with a target price of $61.00. Furthermore, Morgan Stanley increased their target from $84.00 to $88.00 while classifying the stock as "overweight." Compass Point moved its target price from $60.00 to $83.00, giving a "neutral" rating. Citigroup also raised its price objective from $67.00 to $82.00, maintaining a "neutral" outlook on the stock. Presently, 11 investment analysts rate the stock as a hold, while ten recommend buying the shares, resulting in a consensus rating of "Hold" with an average target of $73.39.

Corporate Overview

About Wells Fargo & Company

Wells Fargo & Co is a diversified financial services firm that offers a wide range of services, including banking, insurance, investments, mortgage, and consumer and commercial finance products. The company operates through multiple segments, such as Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

investment, stocks, financial