Wells Fargo & Company (NYSE:WFC) Shares Acquired by Korea Investment CORP

Korea Investment CORP increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 53.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,286,809 shares of the financial services provider's stock after buying an additional 1,150,443 shares during the quarter. Wells Fargo & Company comprises approximately 0.5% of Korea Investment CORP's holdings, making the stock its 26th largest holding. Korea Investment CORP owned approximately 0.10% of Wells Fargo & Company worth $230,865,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of WFC. Spinnaker Trust boosted its stake in Wells Fargo & Company by 1.8% during the fourth 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 last quarter. MONECO Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after acquiring an additional 134 shares during the period. Crown Wealth Group LLC boosted its position in shares of Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after acquiring an additional 140 shares during the last quarter. Jacobsen Capital Management grew its holdings in shares of Wells Fargo & Company by 2.8% in the fourth quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 148 shares during the period. Finally, New Republic Capital LLC increased its position in Wells Fargo & Company by 2.9% during the fourth 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 during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Barclays increased their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a research note on Thursday, January 16th. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research report on Thursday, March 13th. Truist Financial increased their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Finally, Piper Sandler boosted their price objective 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 analysts have rated the stock with a hold rating and eleven have assigned 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 target price of $74.97.

Wells Fargo & Company Stock Down 2.2 %

Shares of Wells Fargo & Company stock traded down $1.57 during trading hours on Friday, reaching $70.71. 13,550,316 shares of the company were exchanged, compared to its average volume of 17,140,434. The firm has a market cap of $230.87 billion, a PE ratio of 13.14, a PEG ratio of 1.18 and a beta of 1.16. 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 1 year low of $50.15 and a 1 year high of $81.50. The stock's fifty day moving average is $75.84 and its 200 day moving average is $70.03.

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 analysts' consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same quarter last year, the company earned $0.86 EPS. Wells Fargo & Company's revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Wells Fargo & Company 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.