Dai ichi Life Insurance Company Ltd Cuts Position in Wells Fargo & Company $WFC

Dai ichi Life Insurance Company Ltd decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 5.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 121,200 shares of the financial services provider’s stock after selling 6,822 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Wells Fargo & Company were worth $9,649,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Godfrey Financial Associates Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Navalign LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. Finally, Phillip James Consulting Co. bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth approximately $28,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.2%

Shares of WFC opened at $86.39 on Friday. The stock has a market capitalization of $264.37 billion, a P/E ratio of 12.56, a PEG ratio of 0.94 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $82.72 and a two-hundred day simple moving average of $83.51. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio is 26.16%.

Analyst Ratings Changes

Several equities analysts recently commented on WFC shares. Barclays reduced their target price on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 15th. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Finally, Piper Sandler restated an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $98.50.

About Wells Fargo & Company

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.