Nordea Investment Management AB cut its position in Wells Fargo & Company (NYSE:WFC – Free Report) by 9.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,051,289 shares of the financial services provider’s stock after selling 437,829 shares during the quarter. Nordea Investment Management AB owned 0.11% of Wells Fargo & Company worth $166,751,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Wells Fargo & Company during the 4th quarter worth $2,049,693,000. Moneta Group Investment Advisors LLC grew its stake in Wells Fargo & Company by 129,312.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after purchasing an additional 26,267,166 shares in the last quarter. Capital International Investors grew its stake in Wells Fargo & Company by 69.1% during the 2nd quarter. Capital International Investors now owns 61,833,769 shares of the financial services provider’s stock worth $2,638,987,000 after purchasing an additional 25,268,032 shares in the last quarter. Renaissance Technologies LLC grew its stake in Wells Fargo & Company by 1,478.6% during the 1st quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock worth $406,609,000 after purchasing an additional 7,859,100 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new position in Wells Fargo & Company during the 1st quarter worth $345,861,000. 72.47% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the company. Morgan Stanley lifted their price target on Wells Fargo & Company from $54.00 to $63.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th. Barclays lifted their price target on Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Raymond James lifted their price target on Wells Fargo & Company from $55.00 to $58.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 16th. The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Finally, Piper Sandler decreased their price target on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, January 16th. Ten equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.43.
Wells Fargo & Company Price Performance
Shares of WFC traded down $0.13 on Friday, reaching $51.91. The stock had a trading volume of 24,359,733 shares, compared to its average volume of 18,672,132. The firm has a market capitalization of $188.52 billion, a PE ratio of 10.77, a PEG ratio of 1.08 and a beta of 1.18. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average of $49.01 and a 200 day moving average of $44.40. Wells Fargo & Company has a twelve month low of $35.25 and a twelve month high of $52.45.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). The firm had revenue of $20.48 billion during the quarter, compared to analyst estimates of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 EPS. Sell-side analysts expect that Wells Fargo & Company will post 4.72 EPS for the current year.
Wells Fargo & Company Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 2nd will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio is presently 29.05%.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
See Also
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