Morningstar Investment Management LLC Has $2.39 Million Stake in Wells Fargo & Company $WFC

Morningstar Investment Management LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 71.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,674 shares of the financial services provider’s stock after selling 65,281 shares during the quarter. Morningstar Investment Management LLC’s holdings in Wells Fargo & Company were worth $2,393,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Capital Research Global Investors grew its position in Wells Fargo & Company by 18.6% during the third quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider’s stock worth $2,989,104,000 after buying an additional 5,584,930 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at $215,638,000. M&G PLC boosted its holdings in shares of Wells Fargo & Company by 320.3% in the 3rd quarter. M&G PLC now owns 2,946,277 shares of the financial services provider’s stock valued at $247,487,000 after purchasing an additional 2,245,307 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $173,651,000. Finally, Mawer Investment Management Ltd. acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at $147,165,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $76.52 on Tuesday. The company has a market capitalization of $234.15 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 0.90 and a beta of 0.96. 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 52-week low of $71.89 and a 52-week high of $97.76. The business has a 50-day simple moving average of $78.95 and a two-hundred day simple moving average of $85.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.02. The business had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 EPS. 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 announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, May 8th. Wells Fargo & Company’s payout ratio is presently 27.78%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WFC. Jefferies Financial Group began coverage on Wells Fargo & Company in a research note on Thursday, March 26th. They issued a “buy” rating and a $100.00 price target for the company. Truist Financial lowered their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating for the company in a research report on Tuesday, March 17th. Keefe, Bruyette & Woods lowered their target price on Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating for the company in a research report on Wednesday, April 15th. Piper Sandler reaffirmed an “overweight” rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Finally, Evercore reissued an “outperform” rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $97.53.

Insider Buying and Selling

In other news, EVP Bridget E. Engle sold 30,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president owned 83,478 shares in the company, valued at $7,270,933.80. The trade was a 26.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ellen R. Patterson sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the completion of the sale, the executive vice president directly owned 169,496 shares in the company, valued at $14,813,950.40. This trade represents a 26.14% decrease in their position. The SEC filing for this sale provides additional information. 0.14% of the stock is owned by insiders.

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.