Nordea Investment Management AB Reduces Stock Holdings in Wells Fargo & Company $WFC

Nordea Investment Management AB lessened its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,783,095 shares of the financial services provider’s stock after selling 156,079 shares during the quarter. Nordea Investment Management AB’s holdings in Wells Fargo & Company were worth $466,031,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Werba Rubin Papier Wealth Management purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $211,000. Aware Super Pty Ltd as trustee of Aware Super raised its holdings in Wells Fargo & Company by 381.6% in the 2nd quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 357,839 shares of the financial services provider’s stock worth $28,670,000 after purchasing an additional 283,535 shares during the period. Omnia Family Wealth LLC raised its holdings in Wells Fargo & Company by 9.0% in the 2nd quarter. Omnia Family Wealth LLC now owns 4,349 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 360 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $660,000. Finally, WealthPlan Investment Management LLC raised its holdings in shares of Wells Fargo & Company by 9.3% during the second quarter. WealthPlan Investment Management LLC now owns 11,639 shares of the financial services provider’s stock valued at $933,000 after acquiring an additional 989 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 2.9%

WFC opened at $83.97 on Friday. The firm has a market cap of $268.99 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.39 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $87.47. The business has a fifty day simple moving average of $81.10 and a 200-day simple moving average of $76.82.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a $0.45 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is 30.82%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. UBS Group dropped their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. Barclays upped their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Truist Financial increased their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company 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.