Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,336,317 shares of the financial services provider's stock after selling 172,561 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Wells Fargo & Company worth $526,674,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in WFC. Norges Bank bought a new stake in Wells Fargo & Company in the fourth quarter valued at $3,365,658,000. Capital Research Global Investors boosted its holdings in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after acquiring an additional 3,350,605 shares in the last quarter. Northern Trust Corp boosted its holdings in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after acquiring an additional 3,307,855 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $198,801,000. Institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on WFC shares. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Bank of America upped their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. TD Cowen started coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. Piper Sandler reiterated an "overweight" rating and issued a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Finally, The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Seven 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 stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $77.98.

Wells Fargo & Company Stock Performance

WFC stock opened at $79.42 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business's fifty day simple moving average is $73.88 and its two-hundred day simple moving average is $73.06. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The firm has a market cap of $258.44 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.34 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 12.15% and a net margin of 16.19%. The company's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. Analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are typically 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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