Gulf International Bank UK Ltd lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 6.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 308,792 shares of the financial services provider’s stock after selling 20,664 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Wells Fargo & Company were worth $15,198,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $2,049,693,000. Moneta Group Investment Advisors LLC raised its stake in shares of Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after purchasing an additional 26,267,166 shares in the last quarter. Capital International Investors raised its stake in shares of Wells Fargo & Company by 69.1% in the second quarter. Capital International Investors now owns 61,833,769 shares of the financial services provider’s stock valued at $2,638,987,000 after purchasing an additional 25,268,032 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Wells Fargo & Company by 1,478.6% in the first quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock valued at $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 shares of Wells Fargo & Company in the first quarter valued at $345,861,000. Institutional investors own 72.47% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently commented on the company. Raymond James upped their target price on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 16th. Compass Point upped their target price on Wells Fargo & Company from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. Piper Sandler dropped their price objective on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, January 16th. Morgan Stanley increased their price objective on Wells Fargo & Company from $54.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 30th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday. Eleven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus price target of $52.13.
Check Out Our Latest Research Report on Wells Fargo & Company
Wells Fargo & Company Trading Down 1.3 %
WFC traded down $0.76 during midday trading on Tuesday, reaching $57.01. 14,420,745 shares of the company were exchanged, compared to its average volume of 19,598,867. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.88 and a current ratio of 0.88. Wells Fargo & Company has a one year low of $35.25 and a one year high of $58.44. The stock has a market capitalization of $203.95 billion, a P/E ratio of 11.95, a PEG ratio of 1.19 and a beta of 1.19. The stock’s 50-day simple moving average is $51.71 and its 200 day simple moving average is $46.26.
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 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). The business had revenue of $20.48 billion for 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 company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 EPS. As a group, analysts forecast that Wells Fargo & Company will post 4.72 earnings per share for the current fiscal year.
Wells Fargo & Company Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio is presently 29.05%.
About Wells Fargo & Company
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.
Further Reading
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