Price T Rowe Associates Inc. MD Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Price T Rowe Associates Inc. MD lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 6.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,903,298 shares of the financial services provider's stock after selling 2,485,189 shares during the period. Price T Rowe Associates Inc. MD owned 1.02% of Wells Fargo & Company worth $2,381,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $30,000. McClarren Financial Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter worth approximately $30,000. Finally, Rakuten Securities Inc. lifted its stake in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 237 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $0.16 during trading 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 stock has a fifty day simple moving average of $70.01 and a two-hundred day simple moving average of $71.62. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm has a market capitalization of $227.65 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

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 the consensus estimate 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 company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 earnings per share. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WFC. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Citigroup cut their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a research note on Thursday, March 13th. Truist Financial dropped their price target on shares of 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. Finally, Piper Sandler dropped their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Six equities research 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. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $75.34.

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.