Resona Asset Management Co. Ltd. Purchases Shares of 1,009,085 Wells Fargo & Company (NYSE:WFC)

Resona Asset Management Co. Ltd. purchased a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,009,085 shares of the financial services provider's stock, valued at approximately $70,999,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $26,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth about $30,000. McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the fourth quarter worth about $30,000. Rakuten Securities Inc. lifted its holdings in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company in the fourth quarter worth approximately $32,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on WFC. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Citigroup cut their price objective on shares of 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. Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday. Finally, Truist Financial reduced their price objective on shares of Wells Fargo & Company from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.55.

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Wells Fargo & Company Trading Up 1.9 %

Shares of WFC stock traded up $1.13 on Monday, reaching $62.11. 41,270,103 shares of the stock were exchanged, compared to its average volume of 17,352,503. 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 has a 1-year low of $50.15 and a 1-year high of $81.50. The stock has a market cap of $202.81 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The firm has a 50 day moving average of $74.93 and a two-hundred day moving average of $70.67.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data 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 return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the business earned $0.86 EPS. Wells Fargo & Company's revenue for the quarter was down .5% compared to the same quarter last year. On average, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.58%. Wells Fargo & Company's dividend payout ratio is currently 29.74%.

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.