Phoenix Financial Ltd. Sells 28,437 Shares of Wells Fargo & Company (NYSE:WFC)

Phoenix Financial Ltd. lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 8.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 297,213 shares of the financial services provider’s stock after selling 28,437 shares during the quarter. Phoenix Financial Ltd.’s holdings in Wells Fargo & Company were worth $20,877,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $3,365,658,000. Nordea Investment Management AB lifted its position in Wells Fargo & Company by 10.1% in the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock valued at $441,983,000 after purchasing an additional 575,892 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Wells Fargo & Company by 6.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider’s stock valued at $389,707,000 after acquiring an additional 352,821 shares in the last quarter. FIL Ltd grew its stake in Wells Fargo & Company by 2.6% in the fourth quarter. FIL Ltd now owns 4,138,814 shares of the financial services provider’s stock worth $290,710,000 after purchasing an additional 104,136 shares during the period. Finally, Korea Investment CORP boosted its position in shares of Wells Fargo & Company by 53.9% during the fourth quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after buying an additional 1,150,443 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WFC shares. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research report on Thursday, March 13th. Morgan Stanley lifted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday. Bank of America reduced their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Finally, Piper Sandler upgraded Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $77.00 price target on the stock in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.66.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $66.52 on Thursday. The firm has a market capitalization of $217.20 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The firm has a fifty day simple moving average of $73.47 and a two-hundred day simple moving average of $70.74. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same period last year, the business earned $0.86 earnings per share. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

About Wells Fargo & Company

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.