L & S Advisors Inc Buys New Shares in Wells Fargo & Company (NYSE:WFC)

L & S Advisors Inc acquired a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 137,361 shares of the financial services provider's stock, valued at approximately $9,648,000. Wells Fargo & Company accounts for about 1.1% of L & S Advisors Inc's portfolio, making the stock its 23rd largest holding.

Several other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in Wells Fargo & Company during the fourth quarter worth $3,365,658,000. Nordea Investment Management AB grew its holdings in shares of Wells Fargo & Company by 10.1% in the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider's stock worth $441,983,000 after purchasing an additional 575,892 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider's stock worth $336,375,000 after purchasing an additional 5,237,500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Wells Fargo & Company by 6.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider's stock valued at $389,707,000 after purchasing an additional 352,821 shares during the last quarter. Finally, Korea Investment CORP lifted its holdings in Wells Fargo & Company by 53.9% during the 4th quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider's stock valued at $230,865,000 after purchasing an additional 1,150,443 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several research firms have recently weighed in on WFC. Barclays raised their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. Morgan Stanley increased their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods increased their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday, January 16th. Finally, Piper Sandler raised their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.97.

Wells Fargo & Company Stock Up 1.6 %

WFC stock traded up $1.16 during trading hours on Monday, reaching $71.85. 14,358,663 shares of the stock were exchanged, compared to its average volume of 15,912,486. The firm's 50-day moving average is $75.84 and its 200-day moving average is $70.14. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a market cap of $234.59 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.86 EPS. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's dividend payout ratio is presently 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.