Grantham Mayo Van Otterloo & Co. LLC Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Grantham Mayo Van Otterloo & Co. LLC decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 11.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,729,358 shares of the financial services provider’s stock after selling 1,123,890 shares during the quarter. Wells Fargo & Company accounts for about 2.0% of Grantham Mayo Van Otterloo & Co. LLC’s holdings, making the stock its 17th biggest holding. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Wells Fargo & Company were worth $613,150,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $26,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company in the fourth quarter valued at about $30,000. McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company in the fourth quarter worth about $30,000. Rakuten Securities Inc. lifted its position in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after buying an additional 237 shares during the last quarter. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 7.2 %

Shares of Wells Fargo & Company stock opened at $60.91 on Friday. The stock has a market cap of $198.89 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The firm has a fifty day moving average price of $74.93 and a 200 day moving average price of $70.44. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter last year, the business posted $0.86 EPS. The company’s revenue was down .5% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.63%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on WFC shares. Truist Financial cut their price objective on shares of Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday. The Goldman Sachs Group upped their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup lowered their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. UBS Group boosted their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.50.

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.