Corebridge Financial Inc. Decreases Position in Wells Fargo & Company (NYSE:WFC)

Corebridge Financial Inc. cut its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 6.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 765,221 shares of the financial services provider's stock after selling 54,553 shares during the period. Corebridge Financial Inc.'s holdings in Wells Fargo & Company were worth $53,749,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Spinnaker Trust increased its position in Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock worth $520,000 after buying an additional 130 shares during the period. MONECO Advisors LLC grew its stake in shares of Wells Fargo & Company by 1.9% in the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 134 shares in the last quarter. Crown Wealth Group LLC increased its position in Wells Fargo & Company by 2.2% during the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after acquiring an additional 140 shares during the period. Jacobsen Capital Management raised its stake in Wells Fargo & Company by 2.8% in the 4th quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider's stock worth $381,000 after purchasing an additional 148 shares in the last quarter. Finally, New Republic Capital LLC raised its stake in Wells Fargo & Company by 2.9% in the 4th quarter. New Republic Capital LLC now owns 5,249 shares of the financial services provider's stock worth $369,000 after purchasing an additional 149 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

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Wells Fargo & Company Trading Down 0.0 %

Shares of WFC stock traded down $0.01 during trading hours on Tuesday, hitting $74.27. 9,499,112 shares of the company were exchanged, compared to its average volume of 16,422,289. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The company has a 50 day simple moving average of $76.09 and a two-hundred day simple moving average of $69.76. The firm has a market cap of $244.21 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.18 and a beta of 1.16.

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

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.15%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Analysts Set New Price Targets

Several brokerages have recently commented on WFC. Compass Point raised their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods lifted their price objective 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. Morgan Stanley increased their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Finally, Citigroup reduced 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 note on Monday. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average price target of $74.18.

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.