Easterly Investment Partners LLC Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Easterly Investment Partners LLC lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 20.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 30,873 shares of the financial services provider’s stock after selling 8,000 shares during the quarter. Easterly Investment Partners LLC’s holdings in Wells Fargo & Company were worth $2,169,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $3,365,658,000. Nordea Investment Management AB raised its holdings in Wells Fargo & Company by 10.1% in the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock worth $441,983,000 after purchasing an additional 575,892 shares in the last quarter. Two Sigma Advisers LP lifted its position in shares of Wells Fargo & Company by 730.4% in the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after purchasing an additional 5,237,500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Wells Fargo & Company by 6.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider’s stock valued at $389,707,000 after purchasing an additional 352,821 shares in the last quarter. Finally, Korea Investment CORP increased its position in shares of Wells Fargo & Company by 53.9% during the fourth quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after buying an additional 1,150,443 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $73.45 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $239.83 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The firm’s 50-day moving average is $76.04 and its 200 day moving average is $69.79.

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

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.18%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analyst Ratings Changes

Several analysts have commented on WFC shares. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. 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 on the stock in a research report on Thursday, March 13th. Compass Point boosted their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial upped their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Citigroup lowered 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. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.18.

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.