State Farm Mutual Automobile Insurance Co. Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

State Farm Mutual Automobile Insurance Co. cut its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,210,993 shares of the financial services provider's stock after selling 355,516 shares during the period. Wells Fargo & Company accounts for 2.8% of State Farm Mutual Automobile Insurance Co.'s investment portfolio, making the stock its 11th largest holding. State Farm Mutual Automobile Insurance Co. owned approximately 1.30% of Wells Fargo & Company worth $3,035,140,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WFC. Spinnaker Trust lifted its position in shares of Wells Fargo & Company by 1.8% in the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock worth $520,000 after acquiring an additional 130 shares during the period. MONECO Advisors LLC boosted its position in shares of Wells Fargo & Company by 1.9% in the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock worth $493,000 after purchasing an additional 134 shares during the last quarter. Crown Wealth Group LLC increased its position in shares of Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after buying an additional 140 shares in the last quarter. Jacobsen Capital Management increased its position in shares of Wells Fargo & Company by 2.8% during the fourth quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider's stock worth $381,000 after acquiring an additional 148 shares in the last quarter. Finally, New Republic Capital LLC raised its holdings in shares of Wells Fargo & Company by 2.9% in the fourth quarter. New Republic Capital LLC now owns 5,249 shares of the financial services provider's stock valued at $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.

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Wells Fargo & Company Trading Down 7.5 %

Shares of WFC traded down $5.39 during midday trading 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. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market cap of $218.34 billion, a PE 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 is $75.50 and its 200 day moving average is $70.43.

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 business had revenue of $20.38 billion for the quarter, compared to analyst estimates 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 for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 earnings per share. As a group, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors 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 dividend on an annualized basis and a yield of 2.39%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Wall Street Analyst Weigh In

Several analysts have weighed in on WFC shares. JPMorgan Chase & Co. dropped their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday. Barclays raised their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. UBS Group boosted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, Truist Financial boosted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $75.55.

Wells Fargo & 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.