Grassi Investment Management Has $13.31 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Grassi Investment Management reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.7% during the first quarter, Holdings Channel reports. The institutional investor owned 185,366 shares of the financial services provider’s stock after selling 1,247 shares during the period. Wells Fargo & Company comprises about 1.2% of Grassi Investment Management’s portfolio, making the stock its 21st largest holding. Grassi Investment Management’s holdings in Wells Fargo & Company were worth $13,307,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $3,365,658,000. Northern Trust Corp increased its holdings in Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Wells Fargo & Company by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider’s stock valued at $1,430,742,000 after acquiring an additional 238,131 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares in the last quarter. Finally, Capital World Investors grew its holdings in shares of Wells Fargo & Company by 0.4% in the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock valued at $977,338,000 after acquiring an additional 62,099 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 0.3%

NYSE WFC opened at $75.43 on Thursday. The company has a fifty day simple moving average of $70.26 and a two-hundred day simple moving average of $72.94. The stock has a market cap of $245.46 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 earnings per share. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wells Fargo & Company declared that its board has initiated a stock buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently commented on WFC. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. TD Cowen assumed coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 target price on the stock. Evercore ISI increased their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial dropped their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Citigroup lowered their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.48.

Wells Fargo & Company 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.