Wells Fargo & Company (NYSE:WFC) Shares Bought by Pinebridge Investments L.P.

Pinebridge Investments L.P. grew its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 179.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,565,137 shares of the financial services provider's stock after purchasing an additional 1,004,974 shares during the quarter. Wells Fargo & Company comprises approximately 0.8% of Pinebridge Investments L.P.'s portfolio, making the stock its 16th largest holding. Pinebridge Investments L.P.'s holdings in Wells Fargo & Company were worth $109,935,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of WFC. Empowered Funds LLC raised its position in shares of Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock valued at $13,369,000 after buying an additional 30,510 shares during the period. Valmark Advisers Inc. raised its position in shares of Wells Fargo & Company by 5.5% during the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after buying an additional 431 shares during the period. NatWest Group plc raised its position in shares of Wells Fargo & Company by 57.7% during the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock valued at $12,115,000 after buying an additional 63,102 shares during the period. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $1,656,000. Finally, Modera Wealth Management LLC raised its position in shares of Wells Fargo & Company by 14.1% during the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after buying an additional 2,548 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Truist Financial cut their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley boosted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, April 7th. Finally, Raymond James cut their target price on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research report on Monday, April 14th. Six investment 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $75.34.

Wells Fargo & Company Stock Performance

NYSE WFC traded up $0.16 during trading hours on Friday, hitting $69.72. The company had a trading volume of 17,768,814 shares, compared to its average volume of 17,461,739. The business has a 50 day moving average of $70.01 and a 200-day moving average of $71.62. The company has a market cap of $227.65 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. 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 (NYSE:WFC - Get Free Report) last announced its earnings results 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. The firm had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business's revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 EPS. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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

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.