Renaissance Technologies LLC Grows Stake in Wells Fargo & Company (NYSE:WFC)

Renaissance Technologies LLC boosted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 82.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,253,802 shares of the financial services provider's stock after purchasing an additional 1,016,648 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of Wells Fargo & Company worth $158,307,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $3,365,658,000. Nordea Investment Management AB grew its position in Wells Fargo & Company by 10.1% during the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider's stock valued at $441,983,000 after buying an additional 575,892 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Wells Fargo & Company by 6.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider's stock worth $389,707,000 after acquiring an additional 352,821 shares during the period. FIL Ltd boosted its stake in shares of Wells Fargo & Company by 2.6% during the 4th quarter. FIL Ltd now owns 4,138,814 shares of the financial services provider's stock worth $290,710,000 after acquiring an additional 104,136 shares during the last quarter. Finally, Korea Investment CORP grew its position in shares of Wells Fargo & Company by 53.9% during 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 acquiring an additional 1,150,443 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of several analyst reports. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research report on Thursday, March 13th. Citigroup cut their price objective on 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. Piper Sandler upgraded shares of Wells Fargo & Company from a "neutral" rating to an "overweight" rating and set a $77.00 target price on the stock in a research note on Tuesday. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Finally, Truist Financial decreased their price objective on shares of Wells Fargo & Company from $86.00 to $84.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $75.66.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded down $0.75 during trading hours on Friday, reaching $62.36. The company's stock had a trading volume of 33,841,324 shares, compared to its average volume of 17,637,613. 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 has a one year low of $50.15 and a one year high of $81.50. The firm has a 50 day moving average price of $72.83 and a 200-day moving average price of $70.87. The stock has a market cap of $203.62 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.18 and a beta of 1.02.

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. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given 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 2.57%. Wells Fargo & Company's dividend payout ratio is presently 29.74%.

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.