Wells Fargo & Company (NYSE:WFC) Stake Lifted by Quadrant Capital Group LLC

Quadrant Capital Group LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,467 shares of the financial services provider’s stock after purchasing an additional 259 shares during the period. Quadrant Capital Group LLC’s holdings in Wells Fargo & Company were worth $2,772,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth $3,365,658,000. Artisan Partners Limited Partnership bought a new stake in Wells Fargo & Company in the fourth quarter worth about $117,026,000. KLP Kapitalforvaltning AS acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $85,031,000. Korea Investment CORP boosted its position in shares of Wells Fargo & Company by 53.9% during the 4th quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after purchasing an additional 1,150,443 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its position in shares of Wells Fargo & Company by 410.8% during 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 purchasing an additional 1,105,679 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on WFC. Keefe, Bruyette & Woods increased their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Truist Financial decreased their target price on Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Friday. UBS Group upped their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Barclays lifted their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $75.50.

Wells Fargo & Company Stock Down 7.2 %

Shares of Wells Fargo & Company stock opened at $60.91 on Friday. The firm has a market cap of $198.89 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 1.18 and a beta of 1.02. The stock has a 50-day simple moving average of $74.93 and a 200-day simple moving average of $70.56. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) 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 firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period in the previous year, the company earned $0.86 earnings per share. The company’s revenue was down .5% compared to the same quarter last year. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.63%. 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.