Destination Wealth Management Grows Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Destination Wealth Management boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 85.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,931 shares of the financial services provider’s stock after purchasing an additional 4,118 shares during the quarter. Destination Wealth Management’s holdings in Wells Fargo & Company were worth $627,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Diamond Hill Capital Management Inc. raised its stake in shares of Wells Fargo & Company by 2.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock valued at $375,183,000 after acquiring an additional 162,066 shares during the period. Nordea Investment Management AB raised its stake in shares of Wells Fargo & Company by 10.1% in the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock valued at $441,983,000 after acquiring an additional 575,892 shares during the period. Two Sigma Advisers LP raised its stake in shares of Wells Fargo & Company by 730.4% in 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 acquiring an additional 5,237,500 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Wells Fargo & Company by 158.1% in the third 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 acquiring an additional 1,659,716 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of Wells Fargo & Company by 81.6% in the third quarter. Public Sector Pension Investment Board now owns 1,981,130 shares of the financial services provider’s stock valued at $111,914,000 after acquiring an additional 889,953 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Compass Point upped their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Barclays upped their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Citigroup upped their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, Truist Financial upped their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Down 2.3 %

NYSE:WFC opened at $71.01 on Friday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market capitalization of $233.50 billion, a P/E ratio of 13.20, 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 company’s 50-day simple moving average is $76.10 and its 200-day simple moving average is $68.41.

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, beating analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the business earned $0.86 EPS. The company’s revenue was down .5% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

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.