BNC Wealth Management LLC reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 53.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,966 shares of the financial services provider’s stock after selling 3,428 shares during the quarter. BNC Wealth Management LLC’s holdings in Wells Fargo & Company were worth $208,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Two Sigma Advisers LP grew its position in shares of Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after purchasing an additional 5,237,500 shares during the last quarter. Canoe Financial LP acquired a new stake in Wells Fargo & Company during the third quarter worth approximately $160,529,000. Marshall Wace LLP boosted its position in Wells Fargo & Company by 3,295.6% during the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock worth $138,493,000 after acquiring an additional 2,404,898 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in Wells Fargo & Company by 158.1% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after acquiring an additional 1,659,716 shares during the last quarter. Finally, National Pension Service boosted its position in Wells Fargo & Company by 15.2% during the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts recently issued reports on WFC shares. Truist Financial raised their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup increased their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Barclays increased their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $73.39.
Wells Fargo & Company Stock Performance
Wells Fargo & Company stock opened at $77.22 on Friday. Wells Fargo & Company has a 12-month low of $46.12 and a 12-month high of $78.13. The company has a market capitalization of $257.11 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.39 and a beta of 1.18. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s fifty day moving average price is $72.74 and its 200 day moving average price is $63.44.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter in the previous year, the firm posted $0.86 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. On average, research analysts forecast that Wells Fargo & Company will post 5.45 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.
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.
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