Norges Bank purchased a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 47,916,539 shares of the financial services provider's stock, valued at approximately $3,365,658,000. Norges Bank owned approximately 1.44% of Wells Fargo & Company as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $26,000. Truvestments Capital LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter valued at approximately $29,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company in the fourth quarter valued at about $30,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $30,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on WFC shares. Citigroup decreased their target price on shares of 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. JPMorgan Chase & Co. reduced their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday. The Goldman Sachs Group lifted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a report on Friday, December 6th. UBS Group upped their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada raised shares of 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 report on Thursday, March 13th. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $75.55.
Get Our Latest Analysis on Wells Fargo & Company
Wells Fargo & Company Stock Down 7.5 %
Wells Fargo & Company stock traded down $5.39 during trading hours on Thursday, hitting $66.87. The stock had a trading volume of 13,140,653 shares, compared to its average volume of 17,093,658. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $218.34 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The stock's 50-day moving average price is $75.50 and its 200-day moving average price is $70.43. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $20.38 billion during the quarter, compared to analysts' expectations of $20.58 billion. During the same period in the previous year, the company earned $0.86 EPS. The firm's revenue for the quarter was down .5% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's payout ratio is 29.74%.
Wells Fargo & Company Company Profile
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Free Report)
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.
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