Tredje AP fonden Boosts Position in Wells Fargo & Company (NYSE:WFC)

Tredje AP fonden lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 24.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,906,244 shares of the financial services provider’s stock after acquiring an additional 369,820 shares during the period. Wells Fargo & Company accounts for approximately 1.2% of Tredje AP fonden’s portfolio, making the stock its 16th biggest position. Tredje AP fonden owned about 0.06% of Wells Fargo & Company worth $133,895,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of WFC. Covestor Ltd raised its holdings in shares of Wells Fargo & Company by 17.3% during the 3rd quarter. Covestor Ltd now owns 1,326 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 196 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $176,000. Venturi Wealth Management LLC increased its position in shares of Wells Fargo & Company by 21.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,773 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 495 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its position in shares of Wells Fargo & Company by 6.7% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,115 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 259 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Wells Fargo & Company by 208.3% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 21,730 shares of the financial services provider’s stock worth $1,226,000 after purchasing an additional 14,682 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WFC. Compass Point raised their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Morgan Stanley raised their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler raised their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on 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 lifted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $68.98 on Thursday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company has a market cap of $226.83 billion, a PE ratio of 12.82, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The business has a 50-day simple moving average of $75.94 and a 200-day simple moving average of $68.74.

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

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

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.