Pinebridge Investments L.P. Buys 1,004,974 Shares of Wells Fargo & Company (NYSE:WFC)

Pinebridge Investments L.P. lifted its position in Wells Fargo & Company (NYSE:WFC) by 179.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,565,137 shares of the financial services provider's stock after purchasing an additional 1,004,974 shares during the quarter. Wells Fargo & Company comprises about 0.8% of Pinebridge Investments L.P.'s investment portfolio, making the stock its 16th biggest position. Pinebridge Investments L.P.'s holdings in Wells Fargo & Company were worth $109,935,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in WFC. Empowered Funds LLC raised its holdings in shares of Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock worth $13,369,000 after acquiring an additional 30,510 shares in the last quarter. Valmark Advisers Inc. raised its stake in Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after purchasing an additional 431 shares in the last quarter. NatWest Group plc raised its stake in Wells Fargo & Company by 57.7% during the fourth quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock valued at $12,115,000 after purchasing an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at $1,656,000. Finally, Modera Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 14.1% in the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock worth $1,444,000 after buying an additional 2,548 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, April 7th. Piper Sandler dropped their target price 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. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a report on Thursday, January 16th. 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 for the company in a research note on Thursday, March 13th. Finally, Raymond James reduced their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research note on Monday, April 14th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $75.34.

Wells Fargo & Company Stock Performance

WFC stock opened at $66.24 on Wednesday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a 50-day moving average price of $70.67 and a 200 day moving average price of $71.28. The company has a market capitalization of $216.28 billion, a P/E ratio of 12.31, a PEG ratio of 1.18 and a beta of 1.02. 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 posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.42%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

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.

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