Allstate Corp Purchases New Shares in Wells Fargo & Company (NYSE:WFC)

Allstate Corp acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 101,579 shares of the financial services provider's stock, valued at approximately $7,135,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Fisher Asset Management LLC boosted its holdings in Wells Fargo & Company by 13.8% in the third quarter. Fisher Asset Management LLC now owns 24,833 shares of the financial services provider's stock worth $1,403,000 after purchasing an additional 3,016 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Wells Fargo & Company in the third quarter worth about $256,000. Truvestments Capital LLC bought a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $29,000. CreativeOne Wealth LLC increased its holdings in shares of Wells Fargo & Company by 51.7% during the 3rd quarter. CreativeOne Wealth LLC now owns 9,637 shares of the financial services provider's stock valued at $544,000 after acquiring an additional 3,285 shares during the last quarter. Finally, Fiduciary Trust Co raised its stake in shares of Wells Fargo & Company by 0.9% in the 3rd quarter. Fiduciary Trust Co now owns 45,907 shares of the financial services provider's stock valued at $2,593,000 after acquiring an additional 397 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE:WFC traded up $0.98 during mid-day trading on Monday, hitting $71.67. The company's stock had a trading volume of 6,168,535 shares, compared to its average volume of 15,893,972. The company has a market capitalization of $234.01 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 1.18 and a beta of 1.16. 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 has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a fifty day moving average of $75.84 and a 200-day moving average of $70.14.

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Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its 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 the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.23%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Analysts Set New Price Targets

Several equities analysts have commented on WFC shares. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a report on Thursday, January 16th. The Goldman Sachs Group raised their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a report on Friday, December 6th. Citigroup dropped their price target 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. Barclays increased their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday, January 16th. Finally, UBS Group boosted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.97.

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.