Vanguard Group Inc. Sells 5,152,517 Shares of Wells Fargo & Company (NYSE:WFC)

Vanguard Group Inc. lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 301,877,378 shares of the financial services provider's stock after selling 5,152,517 shares during the quarter. Vanguard Group Inc. owned approximately 9.07% of Wells Fargo & Company worth $21,203,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. King Luther Capital Management Corp grew its holdings in Wells Fargo & Company by 1.4% during the third quarter. King Luther Capital Management Corp now owns 85,680 shares of the financial services provider's stock valued at $4,840,000 after purchasing an additional 1,200 shares during the period. Pacer Advisors Inc. lifted its position in shares of Wells Fargo & Company by 1.6% during the 3rd quarter. Pacer Advisors Inc. now owns 252,386 shares of the financial services provider's stock valued at $14,257,000 after buying an additional 4,061 shares in the last quarter. Eagle Asset Management Inc. raised its stake in Wells Fargo & Company by 10.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 169,501 shares of the financial services provider's stock worth $9,575,000 after acquiring an additional 15,411 shares during the period. 49 Wealth Management LLC purchased a new position in Wells Fargo & Company during the third quarter valued at approximately $256,000. Finally, Allen Capital Group LLC boosted its position in shares of Wells Fargo & Company by 17.2% in the third quarter. Allen Capital Group LLC now owns 7,264 shares of the financial services provider's stock worth $410,000 after purchasing an additional 1,064 shares during the period. Institutional investors own 75.90% of the company's stock.

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Wells Fargo & Company Trading Down 0.0 %

NYSE WFC traded down $0.01 on Tuesday, hitting $74.27. 9,426,359 shares of the stock were exchanged, compared to its average volume of 16,416,712. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The firm has a market capitalization of $244.21 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.18 and a beta of 1.16. The stock has a fifty day moving average price of $76.03 and a two-hundred day moving average price of $69.62.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion during 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 business's revenue was down .5% on a year-over-year basis. During the same quarter last year, the business earned $0.86 EPS. Research analysts forecast 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. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. Wells Fargo & Company's dividend payout ratio is 29.74%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on WFC. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a report on Thursday, March 13th. Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods lifted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a research note on Thursday, January 16th. Morgan Stanley upped their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Finally, Piper Sandler lifted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.18.

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.