Westpac Banking Corp decreased its stake in Wells Fargo & Company (NYSE:WFC – Get Rating) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 557,168 shares of the financial services provider's stock after selling 19,513 shares during the period. Westpac Banking Corp's holdings in Wells Fargo & Company were worth $22,409,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Truvestments Capital LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter worth $26,000. Financial Management Professionals Inc. boosted its stake in Wells Fargo & Company by 66.6% during the 3rd quarter. Financial Management Professionals Inc. now owns 688 shares of the financial services provider's stock worth $28,000 after purchasing an additional 275 shares during the period. Tortoise Investment Management LLC boosted its stake in Wells Fargo & Company by 100.0% during the 2nd quarter. Tortoise Investment Management LLC now owns 800 shares of the financial services provider's stock worth $31,000 after purchasing an additional 400 shares during the period. Orion Capital Management LLC boosted its stake in Wells Fargo & Company by 125.0% during the 3rd quarter. Orion Capital Management LLC now owns 900 shares of the financial services provider's stock worth $36,000 after purchasing an additional 500 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC boosted its stake in Wells Fargo & Company by 371.3% during the 2nd quarter. Moisand Fitzgerald Tamayo LLC now owns 919 shares of the financial services provider's stock worth $36,000 after purchasing an additional 724 shares during the period. Institutional investors and hedge funds own 72.24% of the company's stock.
Get Wells Fargo & Company alerts:Wells Fargo & Company Stock Performance
Shares of WFC opened at $47.58 on Friday. The company has a 50-day simple moving average of $43.55 and a 200-day simple moving average of $44.01. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $181.30 billion, a PE ratio of 15.15, a P/E/G ratio of 0.96 and a beta of 1.19. Wells Fargo & Company has a 52-week low of $36.54 and a 52-week high of $60.30.
Wells Fargo & Company (NYSE:WFC – Get Rating) last announced its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.04. The business had revenue of $19.66 billion during the quarter, compared to the consensus estimate of $20.04 billion. Wells Fargo & Company had a net margin of 15.91% and a return on equity of 9.28%. The business's revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 EPS. Equities research analysts predict that Wells Fargo & Company will post 4.83 earnings per share for the current fiscal year.Wells Fargo & Company Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Friday, February 3rd will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, February 2nd. This represents a $1.20 annualized dividend and a yield of 2.52%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 38.22%.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on WFC shares. Piper Sandler cut shares of Wells Fargo & Company from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $49.00 to $47.00 in a research note on Tuesday, January 17th. Cfra upgraded shares of Wells Fargo & Company to a "buy" rating and set a $50.00 price target for the company in a research note on Friday, January 13th. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, December 15th. JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $46.50 to $49.50 in a research report on Wednesday, November 2nd. Finally, BMO Capital Markets upped their price objective on shares of Wells Fargo & Company from $61.00 to $63.00 and gave the stock a "market perform" rating in a research report on Monday, October 17th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $52.09.
About Wells Fargo & Company
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Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
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