State Farm Mutual Automobile Insurance Co. Has $3.72 Billion Stake in Wells Fargo & Company $WFC

State Farm Mutual Automobile Insurance Co. lessened its stake in Wells Fargo & Company (NYSE:WFC) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,889,976 shares of the financial services provider’s stock after selling 560,514 shares during the period. Wells Fargo & Company comprises about 2.9% of State Farm Mutual Automobile Insurance Co.’s investment portfolio, making the stock its 9th largest position. State Farm Mutual Automobile Insurance Co. owned approximately 1.27% of Wells Fargo & Company worth $3,717,746,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Godfrey Financial Associates Inc. bought a new stake in Wells Fargo & Company during the fourth quarter valued at $25,000. Navalign LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth about $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company in the 3rd quarter worth about $27,000. Joseph Group Capital Management acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Core Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is included in a planned tokenized deposit network with JPMorgan, Bank of America and Citigroup, a move that could help large banks compete with stablecoins and improve payments infrastructure by 2027. Big Banks Eye Tokenized Deposits as Stablecoin Competition Heats Up
• Positive Sentiment: Analysts remain constructive on WFC, with Bank of America Securities reiterating a Buy rating and an unchanged $95 price target, citing attractive risk/reward. Wells Fargo: Buy Rating Reiterated as Analyst Sees Attractive Risk‑Reward with Unchanged $95 Price Target
• Positive Sentiment: Some commentary says Wells Fargo looks more attractive as recession fears ease, which supports the bank’s earnings outlook and broader sector sentiment. Wells Fargo (WFC) Looks Attractive as Recession Fears Ease

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Robert W. Baird raised shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 target price on the stock in a report on Friday, February 13th. HSBC raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, April 1st. Evercore reissued an “outperform” rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a report on Thursday, March 26th. They issued a “buy” rating and a $100.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a report on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $97.53.

Wells Fargo & Company Stock Down 1.2%

Wells Fargo & Company stock opened at $80.95 on Tuesday. The company has a 50-day simple moving average of $79.24 and a 200-day simple moving average of $84.69. The firm has a market capitalization of $247.71 billion, a P/E ratio of 12.49, a P/E/G ratio of 0.96 and a beta of 0.93. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a one year low of $71.93 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is currently 27.78%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.