Wells Fargo & Company (NYSE:WFC) Stake Lowered by Prudential PLC

Prudential PLC reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,399 shares of the financial services provider's stock after selling 4,679 shares during the period. Prudential PLC's holdings in Wells Fargo & Company were worth $7,263,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Norges Bank acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $3,365,658,000. Two Sigma Advisers LP raised its stake in shares of Wells Fargo & Company by 730.4% in the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider's stock valued at $336,375,000 after purchasing an additional 5,237,500 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in Wells Fargo & Company during the 4th quarter worth approximately $117,026,000. KLP Kapitalforvaltning AS acquired a new position in Wells Fargo & Company in the fourth quarter worth $85,031,000. Finally, Korea Investment CORP boosted its holdings in shares of Wells Fargo & Company by 53.9% in the 4th quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider's stock valued at $230,865,000 after buying an additional 1,150,443 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 7.2 %

Shares of WFC stock traded down $4.76 during trading hours on Friday, reaching $60.91. 31,028,896 shares of the stock traded hands, compared to its average volume of 17,256,595. 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 firm has a market capitalization of $198.89 billion, a PE ratio of 11.32, a PEG ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a fifty day moving average price of $74.93 and a 200 day moving average price of $70.44.

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Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's revenue was down .5% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid 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 2.63%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Analysts Set New Price Targets

A number of research analysts have issued reports on WFC shares. Citigroup reduced 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 note on Monday, March 24th. The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, December 6th. JPMorgan Chase & Co. cut their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday. Royal Bank of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Finally, Morgan Stanley set a $79.00 price objective on shares of Wells Fargo & Company in a research note on Monday, March 24th. Nine investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.50.

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.