Fayez Sarofim & Co Decreases Stock Position in Wells Fargo & Company (NYSE:WFC)

Fayez Sarofim & Co cut its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 30.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,853 shares of the financial services provider's stock after selling 25,000 shares during the quarter. Fayez Sarofim & Co's holdings in Wells Fargo & Company were worth $3,993,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $3,365,658,000. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in Wells Fargo & Company in the 4th quarter valued at $117,026,000. KLP Kapitalforvaltning AS acquired a new stake in Wells Fargo & Company during the 4th quarter worth $85,031,000. Finally, Korea Investment CORP grew its holdings in shares of Wells Fargo & Company by 53.9% during the fourth quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider's stock worth $230,865,000 after buying an additional 1,150,443 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WFC shares. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Barclays lowered their target price on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Piper Sandler cut their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Truist Financial lowered their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Keefe, Bruyette & Woods raised their target price on 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. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $75.34.

Wells Fargo & Company Trading Up 0.2 %

NYSE WFC traded up $0.16 on Friday, reaching $69.72. The stock had a trading volume of 17,768,814 shares, compared to its average volume of 17,835,115. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The stock has a fifty day moving average price of $70.23 and a two-hundred day moving average price of $71.34. The firm has a market capitalization of $227.65 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 1.18 and a beta of 1.02. 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 (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the prior year, the company earned $1.20 EPS. Wells Fargo & Company's revenue was down 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal 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 paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's payout ratio is 28.73%.

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.