Convergence Investment Partners LLC Purchases 26,891 Shares of Wells Fargo & Company (NYSE:WFC)

Convergence Investment Partners LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 182.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,628 shares of the financial services provider’s stock after acquiring an additional 26,891 shares during the quarter. Wells Fargo & Company accounts for about 1.1% of Convergence Investment Partners LLC’s holdings, making the stock its 28th largest position. Convergence Investment Partners LLC’s holdings in Wells Fargo & Company were worth $2,049,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Stoneridge Investment Partners LLC lifted its position in shares of Wells Fargo & Company by 410.5% in the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock worth $2,757,000 after acquiring an additional 54,262 shares during the period. United Services Automobile Association raised its holdings in shares of Wells Fargo & Company by 13.7% in the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock worth $4,000,000 after buying an additional 11,825 shares in the last quarter. Synovus Financial Corp raised its holdings in shares of Wells Fargo & Company by 61.7% in the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock worth $4,983,000 after buying an additional 46,525 shares in the last quarter. Trust Point Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $2,499,000. Finally, Golden State Equity Partners raised its holdings in shares of Wells Fargo & Company by 98.8% in the 3rd quarter. Golden State Equity Partners now owns 60,998 shares of the financial services provider’s stock worth $2,492,000 after buying an additional 30,316 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.0 %

Shares of NYSE:WFC traded down $0.02 during midday trading on Friday, hitting $59.91. The company had a trading volume of 18,785,900 shares, compared to its average volume of 18,078,044. Wells Fargo & Company has a 12 month low of $36.40 and a 12 month high of $61.76. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The stock has a market cap of $212.11 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.16 and a beta of 1.19. The firm has a fifty day simple moving average of $56.93 and a 200 day simple moving average of $49.63.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share 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 analyst estimates of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.06 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WFC. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 target price (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. HSBC raised their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Citigroup reaffirmed a “neutral” rating and set a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Compass Point reaffirmed a “neutral” rating and set a $64.00 price target on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Finally, Jefferies Financial Group raised their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Thirteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $58.85.

Wells Fargo & 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.