Meiji Yasuda Asset Management Co Ltd. Has $4.63 Million Stock Position in Wells Fargo & Company $WFC

Key Points

• Meiji Yasuda Asset Management Co Ltd. has reduced its stock position in Wells Fargo & Company by 43.2%, now holding shares worth $4.63 million after selling 48,997 shares in the first quarter.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, representing a dividend yield of 2.3%.
• Analysts hold a generally positive outlook on Wells Fargo, with ten analyzing giving it a Buy rating and a price target of $82.56.

Meiji Yasuda Asset Management Co Ltd. lowered its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 43.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,529 shares of the financial services provider's stock after selling 48,997 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Wells Fargo & Company were worth $4,633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares in the last quarter. Accent Capital Management LLC acquired a new position in Wells Fargo & Company in the first quarter valued at about $29,000. Stone House Investment Management LLC acquired a new position in Wells Fargo & Company in the first quarter valued at about $34,000. Orion Capital Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $35,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in Wells Fargo & Company in the first quarter valued at about $36,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Truist Financial boosted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average price target of $82.56.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $79.21 on Tuesday. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business's 50-day moving average price is $80.52 and its two-hundred day moving average price is $75.01. The stock has a market cap of $253.73 billion, a PE ratio of 13.56, a P/E/G ratio of 1.23 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

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.

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