Norway Savings Bank Buys 538 Shares of Wells Fargo & Company (NYSE:WFC)


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Norway Savings Bank increased its stake in Wells Fargo & Company (NYSE:WFC) by 9.9% during the fourth quarter, Holdings Channel reports. The firm owned 5,954 shares of the financial services provider’s stock after acquiring an additional 538 shares during the period. Norway Savings Bank’s holdings in Wells Fargo & Company were worth $180,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of WFC. Charles Schwab Investment Management Inc. boosted its stake in Wells Fargo & Company by 7.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 22,032,727 shares of the financial services provider’s stock valued at $517,990,000 after buying an additional 1,471,505 shares in the last quarter. Pzena Investment Management LLC boosted its stake in Wells Fargo & Company by 34.8% in the third quarter. Pzena Investment Management LLC now owns 18,439,768 shares of the financial services provider’s stock valued at $433,519,000 after buying an additional 4,760,961 shares in the last quarter. Sanders Capital LLC boosted its stake in Wells Fargo & Company by 0.5% in the third quarter. Sanders Capital LLC now owns 10,380,411 shares of the financial services provider’s stock valued at $263,459,000 after buying an additional 55,776 shares in the last quarter. California Public Employees Retirement System boosted its stake in Wells Fargo & Company by 3.6% in the third quarter. California Public Employees Retirement System now owns 9,013,831 shares of the financial services provider’s stock valued at $211,915,000 after buying an additional 311,124 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in Wells Fargo & Company by 0.8% in the third quarter. California State Teachers Retirement System now owns 7,174,603 shares of the financial services provider’s stock valued at $168,675,000 after buying an additional 59,064 shares in the last quarter. Institutional investors own 67.25% of the company’s stock.

Several analysts recently weighed in on WFC shares. Royal Bank of Canada raised Wells Fargo & Company from an “underperform” rating to a “sector perform” rating and raised their price objective for the company from $25.00 to $31.00 in a research note on Monday, November 30th. DA Davidson raised Wells Fargo & Company from a “neutral” rating to a “buy” rating and lifted their price target for the company from $27.00 to $31.00 in a research note on Thursday, November 19th. Compass Point raised Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Friday, November 6th. Piper Sandler lifted their price target on Wells Fargo & Company from $25.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, December 21st. Finally, Keefe, Bruyette & Woods raised Wells Fargo & Company from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $28.00 to $36.00 in a research note on Monday, December 14th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $32.06.

Shares of WFC stock opened at $33.80 on Thursday. The company has a market cap of $139.75 billion, a P/E ratio of 91.35, a PEG ratio of 4.84 and a beta of 1.07. The stock has a 50 day simple moving average of $29.96 and a two-hundred day simple moving average of $25.75. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.85 and a current ratio of 0.87. Wells Fargo & Company has a fifty-two week low of $20.76 and a fifty-two week high of $50.74.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). The firm had revenue of $18.86 billion for the quarter, compared to the consensus estimate of $17.87 billion. Wells Fargo & Company had a net margin of 3.72% and a return on equity of 3.18%. The company’s revenue was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 EPS. On average, research analysts predict that Wells Fargo & Company will post 0.48 earnings per share for the current year.

About Wells Fargo & Company

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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