abrdn plc Sells 182,718 Shares of Wells Fargo & Company (NYSE:WFC)

abrdn plc trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 12.9% during the 4th quarter, HoldingsChannel reports. The fund owned 1,233,095 shares of the financial services provider’s stock after selling 182,718 shares during the quarter. abrdn plc’s holdings in Wells Fargo & Company were worth $86,674,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Two Sigma Advisers LP increased its position in shares of Wells Fargo & Company by 730.4% during the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after purchasing an additional 5,237,500 shares during the period. Canoe Financial LP acquired a new stake in Wells Fargo & Company during the third quarter worth $160,529,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in Wells Fargo & Company by 158.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after buying an additional 1,659,716 shares during the period. Artemis Investment Management LLP raised its stake in shares of Wells Fargo & Company by 410.8% in the 4th quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after buying an additional 1,105,679 shares in the last quarter. Finally, National Pension Service lifted its holdings in shares of Wells Fargo & Company by 15.2% during the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.8 %

NYSE WFC opened at $79.56 on Wednesday. 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 $47.45 and a 52 week high of $79.85. The stock has a market capitalization of $264.88 billion, a P/E ratio of 14.79, a price-to-earnings-growth ratio of 1.19 and a beta of 1.18. The stock has a fifty day moving average of $73.61 and a 200-day moving average of $64.92.

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. 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 earnings per share. The company’s revenue was down .5% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.84 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.01%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analyst Ratings Changes

WFC has been the subject of several recent research reports. Compass Point increased their price target on shares of 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 increased their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Finally, Piper Sandler lifted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $73.39.

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.