DNB Asset Management AS Boosts Stake in Wells Fargo & Company $WFC

DNB Asset Management AS boosted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 635,524 shares of the financial services provider’s stock after buying an additional 9,791 shares during the period. DNB Asset Management AS’s holdings in Wells Fargo & Company were worth $59,231,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Prudent Investors Network Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter worth $211,000. Commerzbank Aktiengesellschaft FI increased its position in shares of Wells Fargo & Company by 5.3% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 107,926 shares of the financial services provider’s stock worth $10,059,000 after purchasing an additional 5,384 shares in the last quarter. Convergence Investment Partners LLC increased its position in shares of Wells Fargo & Company by 13.6% during the fourth quarter. Convergence Investment Partners LLC now owns 50,259 shares of the financial services provider’s stock worth $4,684,000 after purchasing an additional 6,024 shares in the last quarter. IMG Wealth Management Inc. increased its position in shares of Wells Fargo & Company by 19.6% during the fourth quarter. IMG Wealth Management Inc. now owns 1,124 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 184 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its position in shares of Wells Fargo & Company by 8.8% during the fourth quarter. AustralianSuper Pty Ltd now owns 665,775 shares of the financial services provider’s stock worth $62,050,000 after purchasing an additional 54,068 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $73.46 on Friday. The business’s 50-day moving average is $79.30 and its two-hundred day moving average is $85.64. The company has a market capitalization of $224.79 billion, a P/E ratio of 11.34, a P/E/G ratio of 0.87 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 fifty-two week low of $71.89 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. The company had revenue of $11.62 billion for 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 firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm earned $1.39 EPS. Research analysts predict that Wells Fargo & Company will post 6.82 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 27.78%.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Kleber Santos sold 25,000 shares of the 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 sale, the executive vice president directly owned 79,876 shares of the company’s stock, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ellen R. Patterson sold 60,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.40, for a total value of $5,244,000.00. Following the sale, the executive vice president directly owned 169,496 shares in the company, valued at $14,813,950.40. This represents a 26.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 115,000 shares of company stock valued at $10,050,000. Company insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods reduced their price target on Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 15th. Robert W. Baird raised Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price target on the stock in a research report on Friday, February 13th. UBS Group reaffirmed a “buy” rating and set a $113.00 price target on shares of Wells Fargo & Company in a research report on Wednesday, February 4th. HSBC raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research report on Wednesday, April 1st. Finally, Morgan Stanley reduced their price target on Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.53.

Key Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Negative Sentiment: JPMorgan reiterated a Hold rating on Wells Fargo and cut its price target to $86.50 from $91, reinforcing a more cautious near-term outlook for the stock. Wells Fargo (WFC) Stock Expected To Stay Under Pressure In The Short Term
• Neutral Sentiment: Wells Fargo announced cash dividends on six series of preferred stock, a routine capital return update that should not materially change the near-term outlook for common shares. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Neutral Sentiment: Commentary around Wells Fargo’s post-earnings performance noted that the stock remains below its recent levels after the company’s latest results, with investors still assessing whether revenue growth can offset higher compensation and technology costs. Wells Fargo Revenues Are Rising, But Can It Bend the Cost Curve?
• Neutral Sentiment: Wells Fargo’s economists changed their view on the timing of the next Fed rate cut, highlighting uncertainty around inflation and interest-rate expectations that could influence bank earnings and net interest income. Wells Fargo sees writing on the wall about the next Fed rate cut
• Negative Sentiment: Broader financial stocks weakened in the latest session, which may be adding pressure to Wells Fargo as part of a sector-wide move lower. Sector Update: Financial Stocks Fall Wednesday

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.