Nissay Asset Management Corp Japan ADV Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Nissay Asset Management Corp Japan ADV trimmed its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 3.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 419,824 shares of the financial services provider's stock after selling 13,672 shares during the quarter. Nissay Asset Management Corp Japan ADV's holdings in Wells Fargo & Company were worth $29,854,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in WFC. Norges Bank purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $3,365,658,000. Northern Trust Corp increased its position in Wells Fargo & Company by 10.7% during 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 during the last quarter. Dimensional Fund Advisors LP increased its position 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 valued at $1,430,742,000 after acquiring an additional 238,131 shares during the last quarter. Capital Research Global Investors increased its position in Wells Fargo & Company by 932.0% during 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 during the last quarter. Finally, Capital World Investors increased its position in Wells Fargo & Company by 0.4% during 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 last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

WFC traded up $0.62 during trading on Friday, reaching $76.21. 13,857,805 shares of the company traded hands, compared to its average volume of 17,511,054. 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 12-month low of $50.15 and a 12-month high of $81.50. The firm has a fifty day simple moving average of $69.60 and a 200 day simple moving average of $72.49. The company has a market cap of $248.01 billion, a P/E ratio of 14.17, a PEG ratio of 1.18 and a beta of 1.13.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same period last year, the firm posted $1.20 EPS. The company's revenue was down 3.4% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has initiated a share 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 repurchase up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Wall Street Analyst Weigh In

A number of research firms recently commented on WFC. Raymond James reduced their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research report on Monday, April 14th. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Bank of America reduced their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Barclays reduced their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, Piper Sandler reduced their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.73.

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.