Penobscot Investment Management Company Inc. Invests $222,000 in Wells Fargo & Company (NYSE:WFC)

Penobscot Investment Management Company Inc. purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 4,513 shares of the financial services provider’s stock, valued at approximately $222,000.

Other hedge funds have also bought and sold shares of the company. Northern Trust Corp boosted its holdings in Wells Fargo & Company by 0.3% in the 3rd quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock valued at $1,560,755,000 after purchasing an additional 129,300 shares during the period. Pzena Investment Management LLC raised its position in shares of Wells Fargo & Company by 1.9% in the third quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock valued at $746,484,000 after buying an additional 335,560 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of Wells Fargo & Company by 2.9% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 7,749,883 shares of the financial services provider’s stock valued at $316,660,000 after buying an additional 221,459 shares during the period. Van ECK Associates Corp grew its position in Wells Fargo & Company by 3.9% during the fourth quarter. Van ECK Associates Corp now owns 7,379,417 shares of the financial services provider’s stock worth $363,215,000 after buying an additional 276,297 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Wells Fargo & Company by 42.7% during the 4th quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after acquiring an additional 1,729,132 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

WFC stock opened at $59.50 on Thursday. The company has a market capitalization of $210.65 billion, a P/E ratio of 12.42, a PEG ratio of 1.15 and a beta of 1.18. The company has a fifty day moving average price of $57.38 and a 200-day moving average price of $50.03. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Company has a 52-week low of $36.40 and a 52-week high of $61.76.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. The firm had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 29.23%.

Analysts Set New Price Targets

Several analysts have recently issued reports on WFC shares. Citigroup reissued a “neutral” rating and set a $63.00 target price (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. HSBC boosted their target price on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Compass Point reiterated a “neutral” rating and set a $64.00 price target on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Finally, Piper Sandler decreased their price objective on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 16th. Fourteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.99.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.