Dai ichi Life Insurance Company Ltd Reduces Stake in Wells Fargo & Company $WFC

Dai ichi Life Insurance Company Ltd reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 121,200 shares of the financial services provider’s stock after selling 6,822 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Wells Fargo & Company were worth $9,649,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $26,000. Joseph Group Capital Management bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.39 on Friday. The stock has a market cap of $264.37 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.94 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The business has a 50-day simple moving average of $82.72 and a 200 day simple moving average of $83.51. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s payout ratio is presently 26.16%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods dropped their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. UBS Group dropped their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Truist Financial increased their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Finally, KGI Securities cut shares of Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.50.

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.