492,760 Shares in Wells Fargo & Company (NYSE:WFC) Bought by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 492,760 shares of the financial services provider's stock, valued at approximately $34,611,000. Wells Fargo & Company makes up 1.6% of Nippon Life Global Investors Americas Inc.'s portfolio, making the stock its 20th largest position.

A number of other hedge funds have also recently bought and sold shares of WFC. Norges Bank bought a new stake in Wells Fargo & Company in the 4th quarter worth about $3,365,658,000. Dimensional Fund Advisors LP increased its position in shares of Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock valued at $1,430,742,000 after acquiring an additional 238,131 shares during the last quarter. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Capital World Investors lifted its holdings in Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock worth $977,338,000 after acquiring an additional 62,099 shares during the period. Finally, Nordea Investment Management AB boosted its position in 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 worth $441,983,000 after purchasing an additional 575,892 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.2 %

Shares of Wells Fargo & Company stock traded up $0.16 during midday trading on Friday, reaching $69.72. 17,768,814 shares of the company's stock traded hands, compared to its average volume of 17,493,041. The stock has a 50 day moving average of $70.23 and a 200-day moving average of $71.34. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a market cap of $227.65 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. 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 (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the previous year, the firm earned $1.20 EPS. The company's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.29%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on WFC shares. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a research note on Thursday, March 13th. Citigroup lowered their price objective 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. Truist Financial cut their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays dropped their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, Piper Sandler cut their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average price target of $75.34.

About Wells Fargo & Company

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.