Wells Fargo & Company (NYSE:WFC) Holdings Lessened by Equity Investment Corp

Equity Investment Corp cut its position in Wells Fargo & Company (NYSE:WFC) by 5.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,394,065 shares of the financial services provider’s stock after selling 148,693 shares during the quarter. Wells Fargo & Company accounts for 3.9% of Equity Investment Corp’s portfolio, making the stock its 2nd largest position. Equity Investment Corp owned 0.07% of Wells Fargo & Company worth $168,159,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in WFC. Assenagon Asset Management S.A. increased its holdings in Wells Fargo & Company by 8.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 96,400 shares of the financial services provider’s stock worth $5,446,000 after purchasing an additional 7,415 shares during the last quarter. Pallas Capital Advisors LLC grew its position in shares of Wells Fargo & Company by 6.5% during the third quarter. Pallas Capital Advisors LLC now owns 40,376 shares of the financial services provider’s stock worth $2,281,000 after buying an additional 2,459 shares in the last quarter. abrdn plc grew its position in shares of Wells Fargo & Company by 1.7% during the third quarter. abrdn plc now owns 1,415,813 shares of the financial services provider’s stock worth $79,512,000 after buying an additional 23,367 shares in the last quarter. Traynor Capital Management Inc. bought a new stake in shares of Wells Fargo & Company in the third quarter worth $210,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Wells Fargo & Company by 128.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 12,528 shares of the financial services provider’s stock valued at $708,000 after acquiring an additional 7,044 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.5 %

WFC stock opened at $76.39 on Thursday. The stock has a market cap of $254.34 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The firm’s 50-day simple moving average is $75.55 and its 200 day simple moving average is $67.51. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two 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 announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WFC. Citigroup raised their price objective on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Truist Financial lifted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Evercore ISI boosted their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley increased their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, UBS Group lifted 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. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $73.39.

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.