OVERSEA CHINESE BANKING Corp Ltd Has $2.29 Million Position in Wells Fargo & Company (NYSE:WFC)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 49.2% during the fourth quarter, HoldingsChannel reports. The firm owned 32,421 shares of the financial services provider’s stock after acquiring an additional 10,691 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Wells Fargo & Company were worth $2,292,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $26,000. Rakuten Securities Inc. grew its holdings in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares in the last quarter. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $30,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $30,000. Finally, Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WFC. UBS Group increased their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Truist Financial raised their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Compass Point raised their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada upgraded 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. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus target price of $74.39.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $72.79 on Thursday. The stock has a market cap of $239.35 billion, a P/E ratio of 13.53, a PEG ratio of 1.18 and a beta of 1.16. The stock has a 50 day simple moving average of $75.88 and a 200 day simple moving average of $69.22. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the firm posted $0.86 EPS. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.20%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wells Fargo & Company 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.