Wells Fargo & Company (NYSE:WFC) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 416,889 shares of the financial services provider’s stock after selling 37,430 shares during the period. Wells Fargo & Company accounts for approximately 0.7% of OLD National Bancorp IN’s portfolio, making the stock its 25th biggest holding. OLD National Bancorp IN’s holdings in Wells Fargo & Company were worth $29,282,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Mattson Financial Services LLC acquired a new stake in shares of Wells Fargo & Company during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company during the second quarter worth about $26,000. Truvestments Capital LLC acquired a new stake in Wells Fargo & Company in the 3rd quarter worth about $29,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $30,000. Finally, Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $78.41 on Thursday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The company’s fifty day moving average price is $73.35 and its two-hundred day moving average price is $64.38. The firm has a market capitalization of $261.07 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.17 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $47.45 and a 12 month high of $78.98.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the previous year, the firm posted $0.86 earnings per share. The company’s revenue was down .5% compared to the same quarter last year. On average, research analysts anticipate that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 7th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Keefe, Bruyette & Woods upped their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their target price for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, Compass Point upped their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Profile

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.