Elo Mutual Pension Insurance Co Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Elo Mutual Pension Insurance Co lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 6.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 310,621 shares of the financial services provider's stock after selling 20,715 shares during the quarter. Elo Mutual Pension Insurance Co's holdings in Wells Fargo & Company were worth $21,818,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Wells Fargo & Company by 10.1% in the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider's stock valued at $441,983,000 after buying an additional 575,892 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Wells Fargo & Company by 730.4% during the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider's stock worth $336,375,000 after buying an additional 5,237,500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Wells Fargo & Company by 6.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider's stock worth $389,707,000 after buying an additional 352,821 shares during the period. Korea Investment CORP raised its holdings in shares of Wells Fargo & Company by 53.9% in the 4th quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider's stock worth $230,865,000 after purchasing an additional 1,150,443 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider's stock worth $153,069,000 after purchasing an additional 1,659,716 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

WFC has been the subject of several research analyst reports. The Goldman Sachs Group increased their target price 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. Bank of America lowered their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday. Barclays increased their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research report on Thursday, January 16th. Finally, Citigroup cut their target price 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. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.55.

Wells Fargo & Company Stock Down 7.5 %

NYSE:WFC traded down $5.39 during mid-day trading on Thursday, hitting $66.87. 13,140,653 shares of the company's stock were exchanged, compared to its average volume of 17,093,658. The company has a market cap of $218.34 billion, a PE ratio of 12.43, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The business has a fifty day moving average price of $75.50 and a 200 day moving average price of $70.43. 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 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 for the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The business's revenue for the quarter was down .5% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend 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.