North Dakota State Investment Board Makes New $10.31 Million Investment in Wells Fargo & Company $WFC

Key Points

• North Dakota State Investment Board opened a new position in Wells Fargo, buying 110,621 shares valued at about $10.31 million in the fourth quarter.
• Wells Fargo’s latest earnings beat EPS expectations, reporting $1.60 per share versus $1.58 expected, while revenue rose 6.4% year over year; analysts currently rate the stock a Moderate Buy with an average price target of $97.53.
• The bank also declared a quarterly dividend of $0.45 per share, payable June 1, for an annualized yield of about 2.5%, even as insiders sold shares and some analysts trimmed price targets.

North Dakota State Investment Board purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 110,621 shares of the financial services provider's stock, valued at approximately $10,310,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Navalign LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Redmont Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the 3rd quarter worth approximately $27,000. Grey Fox Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the 3rd quarter worth approximately $30,000. Finally, Imprint Wealth LLC acquired a new position in Wells Fargo & Company during the 3rd quarter worth approximately $31,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several analyst reports. The Goldman Sachs Group lowered their price target on shares of Wells Fargo & Company from $109.00 to $93.00 and set a "buy" rating for the company in a report on Monday, March 23rd. KGI Securities downgraded shares of Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Evercore restated an "outperform" rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. Piper Sandler restated an "overweight" rating and set a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $97.53.

Wells Fargo & Company Stock Up 0.0%

WFC stock opened at $73.46 on Monday. The company has a fifty day moving average price of $79.30 and a 200 day moving average price of $85.63. Wells Fargo & Company has a 12 month low of $71.89 and a 12 month high of $97.76. The company has a market cap of $224.79 billion, a price-to-earnings ratio of 11.34, a price-to-earnings-growth ratio of 0.86 and a beta of 0.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The firm had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. During the same quarter in the prior year, the firm earned $1.39 EPS. Wells Fargo & Company's revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 6.82 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be given a $0.45 dividend. The ex-dividend date is Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.5%. Wells Fargo & Company's dividend payout ratio is 27.78%.

Insider Activity at Wells Fargo & Company

In related news, EVP Bridget E. Engle sold 30,000 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $87.10, for a total value of $2,613,000.00. Following the completion of the sale, the executive vice president owned 83,478 shares in the company, valued at $7,270,933.80. This represents a 26.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kleber Santos sold 25,000 shares of the company's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the transaction, the executive vice president owned 79,876 shares of the company's stock, valued at approximately $7,006,722.72. The trade was a 23.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 115,000 shares of company stock worth $10,050,000 in the last 90 days. 0.14% of the stock is owned by insiders.

Trending Headlines about Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
• Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
• Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
• Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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