OLD National Bancorp IN Has $31.58 Million Position in Wells Fargo & Company $WFC

OLD National Bancorp IN lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 2.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 338,864 shares of the financial services provider’s stock after selling 6,894 shares during the period. Wells Fargo & Company comprises approximately 0.5% of OLD National Bancorp IN’s investment portfolio, making the stock its 24th largest position. OLD National Bancorp IN’s holdings in Wells Fargo & Company were worth $31,582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Redmont Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth about $27,000. Marquette Asset Management LLC grew its stake in Wells Fargo & Company by 472.4% during the 3rd quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the 3rd quarter valued at about $30,000. Imprint Wealth LLC acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $31,000. Finally, Aventus Investment Advisors Inc. acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $80.46 on Thursday. The firm has a market cap of $248.26 billion, a PE ratio of 12.39, a PEG ratio of 0.96 and a beta of 1.06. The firm’s 50 day moving average price is $81.60 and its 200 day moving average price is $86.14. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a twelve month low of $67.50 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. The company had revenue of $21.45 billion during the quarter, compared to the consensus estimate of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 6.82 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, March 1st. Investors of record on Friday, February 6th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, February 6th. Wells Fargo & Company’s payout ratio is presently 27.78%.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Kleber Santos sold 25,000 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the transaction, the executive vice president directly owned 79,876 shares in the company, valued at $7,006,722.72. This trade represents a 23.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bridget E. Engle sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the completion of the sale, the executive vice president directly owned 83,478 shares of the company’s stock, valued at $7,270,933.80. This represents a 26.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 115,000 shares of company stock worth $10,050,000. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on WFC. Robert W. Baird upgraded shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price target for the company in a report on Friday, February 13th. HSBC upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Wednesday, April 1st. UBS Group reissued a “buy” rating and set a $113.00 target price on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. CICC Research began coverage on shares of Wells Fargo & Company in a report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 price target on the stock. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $97.75.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.