Rhumbline Advisers Trims Stake in Wells Fargo & Company (NYSE:WFC)

Rhumbline Advisers lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 0.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,195,014 shares of the financial services provider’s stock after selling 37,250 shares during the period. Rhumbline Advisers owned 0.19% of Wells Fargo & Company worth $435,138,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Two Sigma Advisers LP raised its stake in 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 in the last quarter. Canoe Financial LP bought a new position in shares of Wells Fargo & Company in the 3rd quarter worth $160,529,000. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after buying an additional 1,659,716 shares in the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Wells Fargo & Company by 410.8% during the 4th quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock worth $96,567,000 after acquiring an additional 1,105,679 shares during the last quarter. Finally, National Pension Service grew its position in Wells Fargo & Company by 15.2% in 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 in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on WFC. Morgan Stanley raised their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. UBS Group boosted their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Compass Point upped their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $79.68 on Friday. The firm has a market capitalization of $265.29 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.22 and a beta of 1.18. The stock has a fifty day moving average of $74.30 and a 200 day moving average of $65.96. Wells Fargo & Company has a 52 week low of $48.62 and a 52 week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the company posted $0.86 EPS. The company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.01%. Wells Fargo & Company’s payout ratio is 29.74%.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.