Wedge Capital Management L L P NC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC – Get Rating) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,603 shares of the financial services provider’s stock, valued at approximately $273,000.
A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Wells Fargo & Company by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 326,822,162 shares of the financial services provider’s stock valued at $13,144,788,000 after acquiring an additional 3,920,830 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Wells Fargo & Company by 20.9% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 105,621,983 shares of the financial services provider’s stock valued at $4,248,626,000 after acquiring an additional 18,252,701 shares during the period. Sanders Capital LLC grew its position in shares of Wells Fargo & Company by 1.7% during the 3rd quarter. Sanders Capital LLC now owns 25,041,576 shares of the financial services provider’s stock valued at $1,007,172,000 after acquiring an additional 416,171 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Wells Fargo & Company by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,901,706 shares of the financial services provider’s stock worth $1,061,357,000 after buying an additional 64,080 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Wells Fargo & Company by 0.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 19,030,663 shares of the financial services provider’s stock worth $765,495,000 after buying an additional 153,177 shares during the last quarter. 72.24% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
WFC has been the topic of several research analyst reports. Piper Sandler cut Wells Fargo & Company from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $49.00 to $47.00 in a report on Tuesday, January 17th. Morgan Stanley lowered their price objective on Wells Fargo & Company from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, December 15th. Odeon Capital Group cut Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, March 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on Wells Fargo & Company from $60.00 to $50.00 in a report on Friday, January 6th. Finally, Citigroup lifted their price objective on Wells Fargo & Company from $48.00 to $52.00 in a report on Tuesday, January 17th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.88.
Wells Fargo & Company Stock Down 1.0 %
WFC stock opened at $36.23 on Friday. The firm has a market cap of $136.84 billion, a PE ratio of 11.54, a PEG ratio of 0.76 and a beta of 1.17. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.84 and a current ratio of 0.84. The firm’s 50 day moving average price is $44.45 and its 200-day moving average price is $44.01. Wells Fargo & Company has a one year low of $35.25 and a one year high of $53.30.
Wells Fargo & Company (NYSE:WFC – Get Rating) last released its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. The firm had revenue of $19.66 billion for the quarter, compared to analyst estimates of $20.04 billion. Wells Fargo & Company had a net margin of 15.91% and a return on equity of 9.28%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.38 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 4.81 EPS for the current year.
Wells Fargo & Company Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 3rd were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Thursday, February 2nd. Wells Fargo & Company’s payout ratio is presently 38.22%.
Insider Activity
In other news, EVP Kleber Santos sold 34,698 shares of Wells Fargo & Company stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $46.27, for a total transaction of $1,605,476.46. Following the sale, the executive vice president now owns 19,590 shares of the company’s stock, valued at approximately $906,429.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.05% of the company’s stock.
Wells Fargo & Company Company Profile
Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
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