Wells Fargo & Company (NYSE:WFC) Shares Acquired by Norinchukin Bank The

Norinchukin Bank The grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,491 shares of the financial services provider’s stock after acquiring an additional 9,306 shares during the quarter. Norinchukin Bank The’s holdings in Wells Fargo & Company were worth $10,430,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $3,365,658,000. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $117,026,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $85,031,000. Finally, Korea Investment CORP lifted its stake in shares of Wells Fargo & Company by 53.9% in 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 during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WFC. Barclays dropped their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Piper Sandler cut their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Raymond James decreased their target price on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research report on Monday, April 14th. Bank of America cut their target price on shares of 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. Finally, Citigroup decreased their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Stock Up 1.0 %

Shares of WFC opened at $64.63 on Friday. The stock has a fifty day simple moving average of $71.23 and a two-hundred day simple moving average of $71.05. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $211.02 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 earnings per share. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

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.