DNB Asset Management AS grew its holdings in Wells Fargo & Company (NYSE:WFC) by 1.6% during the fourth quarter, HoldingsChannel reports. The firm owned 635,524 shares of the financial services provider’s stock after acquiring an additional 9,791 shares during the period. DNB Asset Management AS’s holdings in Wells Fargo & Company were worth $59,231,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of WFC. Brighton Jones LLC lifted its stake in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Jump Financial LLC lifted its stake in Wells Fargo & Company by 12.9% in the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock worth $1,835,000 after purchasing an additional 2,615 shares in the last quarter. Main Street Financial Solutions LLC lifted its stake in Wells Fargo & Company by 111.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock worth $1,122,000 after purchasing an additional 7,368 shares in the last quarter. Vivaldi Capital Management LP lifted its stake in Wells Fargo & Company by 5.4% in the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC lifted its stake in Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock worth $2,044,000 after purchasing an additional 8,714 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.
Key Headlines Impacting Wells Fargo & Company
Here are the key news stories impacting Wells Fargo & Company this week:
- Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
- Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
- Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
- Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
- Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday
Analysts Set New Price Targets
Read Our Latest Report on Wells Fargo & Company
Wells Fargo & Company Stock Down 0.5%
Shares of NYSE WFC opened at $73.46 on Friday. The firm has a market cap of $224.79 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 0.87 and a beta of 0.96. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. Wells Fargo & Company has a 52-week low of $71.89 and a 52-week high of $97.76. The business’s 50 day moving average is $79.30 and its two-hundred day moving average is $85.64.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.02. The company had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.39 earnings per share. Research analysts predict that Wells Fargo & Company will post 6.82 EPS for the current year.
Wells Fargo & Company Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.5%. Wells Fargo & Company’s payout ratio is presently 27.78%.
Insider Buying and Selling at Wells Fargo & Company
In other Wells Fargo & Company news, EVP Bridget E. Engle sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the sale, the executive vice president owned 83,478 shares of the company’s stock, valued at $7,270,933.80. The trade was a 26.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ellen R. Patterson sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the completion of the sale, the executive vice president directly owned 169,496 shares in the company, valued at approximately $14,813,950.40. The trade was a 26.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,000 shares of company stock valued at $10,050,000 over the last quarter. 0.14% of the stock is owned by company insiders.
Wells Fargo & Company Company Profile
Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.
Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.
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