Northern Trust Corp Raises Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Northern Trust Corp grew its stake in Wells Fargo & Company (NYSE:WFC) by 10.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,339,295 shares of the financial services provider’s stock after acquiring an additional 3,307,855 shares during the quarter. Northern Trust Corp’s holdings in Wells Fargo & Company were worth $2,411,992,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth about $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth about $30,000. McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth about $30,000. Finally, Rakuten Securities Inc. lifted its position in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Piper Sandler reduced their target price on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Truist Financial dropped their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Finally, Bank of America dropped their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Price Performance

WFC stock opened at $69.72 on Monday. 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 1 year low of $50.15 and a 1 year high of $81.50. The firm has a market cap of $227.65 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The stock has a 50-day simple moving average of $70.01 and a 200-day simple moving average of $71.62.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities analysts predict 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 declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 28.73%.

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.