Manning & Napier Advisors LLC Has $41.66 Million Position in Wells Fargo & Company (NYSE:WFC)

Manning & Napier Advisors LLC reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 5.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 580,241 shares of the financial services provider's stock after selling 34,663 shares during the period. Manning & Napier Advisors LLC's holdings in Wells Fargo & Company were worth $41,656,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company in the fourth quarter worth $28,000. Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares during the period. Finally, Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth $32,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on WFC shares. Citigroup cut their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Bank of America increased their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. The Goldman Sachs Group increased their target price on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Piper Sandler reiterated an "overweight" rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Finally, Royal Bank Of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a report on Thursday, March 13th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $77.98.

Wells Fargo & Company Stock Up 0.8%

Wells Fargo & Company stock opened at $75.33 on Friday. The company has a market cap of $245.14 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.26 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a fifty day simple moving average of $72.42 and a 200 day simple moving average of $72.86. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company declared that its board has authorized a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

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.

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