Nippon Life Global Investors Americas Inc. Purchases New Stake in Wells Fargo & Company (NYSE:WFC)

Nippon Life Global Investors Americas Inc. acquired a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 492,760 shares of the financial services provider's stock, valued at approximately $34,611,000. Wells Fargo & Company accounts for about 1.6% of Nippon Life Global Investors Americas Inc.'s investment portfolio, making the stock its 20th biggest holding.

A number of other large investors have also made changes to their positions in WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $3,365,658,000. Dimensional Fund Advisors LP boosted its stake in Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after buying an additional 238,131 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Wells Fargo & Company by 932.0% in the 4th 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 buying an additional 14,210,193 shares in the last quarter. Capital World Investors increased its stake in Wells Fargo & Company by 0.4% in the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after acquiring an additional 62,099 shares during the period. Finally, Nordea Investment Management AB raised 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 worth $441,983,000 after purchasing an additional 575,892 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.2 %

Wells Fargo & Company stock traded up $0.16 during midday trading on Friday, reaching $69.72. The stock had a trading volume of 17,768,814 shares, compared to its average volume of 17,467,036. The stock has a market capitalization of $227.65 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The firm's fifty day simple moving average is $70.01 and its 200-day simple moving average is $71.43. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.29%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WFC. Truist Financial dropped their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Bank of America lowered their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, April 7th. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research report on Thursday, January 16th. Finally, Raymond James reduced their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research note on Monday, April 14th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $75.34.

Wells Fargo & Company 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.