Phoenix Financial Ltd. reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 0.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,035,412 shares of the financial services provider’s stock after selling 8,660 shares during the period. Wells Fargo & Company accounts for approximately 1.0% of Phoenix Financial Ltd.’s investment portfolio, making the stock its 27th biggest holding. Phoenix Financial Ltd.’s holdings in Wells Fargo & Company were worth $96,497,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in WFC. Diversified Trust Co. lifted its stake in Wells Fargo & Company by 59.7% in the fourth quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider’s stock valued at $3,289,000 after buying an additional 13,196 shares during the period. Mawer Investment Management Ltd. acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $147,165,000. Guerra Advisors Inc increased its stake in shares of Wells Fargo & Company by 43.2% in the 3rd quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock valued at $3,222,000 after acquiring an additional 11,594 shares in the last quarter. AlphaQuest LLC increased its stake in shares of Wells Fargo & Company by 1,121.0% in the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock valued at $2,018,000 after acquiring an additional 22,107 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Wells Fargo & Company by 52.7% during the 3rd quarter. UMB Bank n.a. now owns 138,862 shares of the financial services provider’s stock valued at $11,639,000 after acquiring an additional 47,946 shares during the period. 75.90% of the stock is owned by institutional investors.
Wells Fargo & Company Stock Performance
Shares of WFC stock opened at $73.71 on Friday. The firm has a market capitalization of $225.58 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 0.86 and a beta of 0.96. The firm has a fifty day simple moving average of $79.51 and a two-hundred day simple moving average of $85.73. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. Wells Fargo & Company has a 12 month low of $71.89 and a 12 month high of $97.76.
Wells Fargo & Company Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.78%.
Trending Headlines about Wells Fargo & Company
Here are the key news stories impacting Wells Fargo & Company this week:
- Positive Sentiment: Wells Fargo is benefiting from signs that revenue is growing, with one recent note pointing to roughly 6% year-over-year revenue growth in the latest quarter, which supports the view that core banking activity is improving.
- Positive Sentiment: The company has also been able to access the debt markets again, and new bond issuance plus stronger post-asset-cap earnings are reinforcing investor confidence that Wells Fargo can fund growth and expand its balance sheet more freely.
- Neutral Sentiment: Analyst commentary suggests the key question now is efficiency: rising compensation and technology spending may make it harder for Wells Fargo to translate higher revenue into meaningfully better profitability.
- Neutral Sentiment: One article framed WFC as being about 30 days past earnings and down since that report, with investors now waiting for updated earnings estimates and clearer evidence that the stock can rebound.
- Negative Sentiment: Broader financial-sector weakness has also weighed on sentiment, with financial stocks falling in recent trading and adding pressure to Wells Fargo shares.
Insider Activity at Wells Fargo & Company
In other news, EVP Bridget E. Engle sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the completion of the sale, the executive vice president directly owned 83,478 shares of the company’s stock, valued at $7,270,933.80. This represents a 26.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ellen R. Patterson sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the completion of the transaction, the executive vice president owned 169,496 shares in the company, valued at $14,813,950.40. This represents a 26.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 115,000 shares of company stock valued at $10,050,000. 0.14% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
WFC has been the topic of several research analyst reports. TD Cowen cut their target price on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, January 15th. Evercore reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a research note on Friday, March 6th. Argus upped their price objective on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.53.
Read Our Latest Research Report on Wells Fargo & Company
Wells Fargo & Company Company Profile
Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.
Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.
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