SouthState Corp Trims Position in Wells Fargo & Company (NYSE:WFC)

SouthState Corp reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 5.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,234 shares of the financial services provider’s stock after selling 678 shares during the period. SouthState Corp’s holdings in Wells Fargo & Company were worth $553,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Northern Trust Corp grew its position in Wells Fargo & Company by 0.3% during the 3rd quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock worth $1,560,755,000 after purchasing an additional 129,300 shares during the last quarter. Pzena Investment Management LLC increased its position in Wells Fargo & Company by 1.9% during the 3rd quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock worth $746,484,000 after purchasing an additional 335,560 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its stake in Wells Fargo & Company by 2.9% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 7,749,883 shares of the financial services provider’s stock worth $316,660,000 after acquiring an additional 221,459 shares during the period. Van ECK Associates Corp increased its stake in shares of Wells Fargo & Company by 3.9% during the 4th quarter. Van ECK Associates Corp now owns 7,379,417 shares of the financial services provider’s stock valued at $363,215,000 after acquiring an additional 276,297 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in Wells Fargo & Company by 42.7% during the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after acquiring an additional 1,729,132 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE WFC traded up $0.11 during trading hours on Friday, hitting $59.94. The company had a trading volume of 16,240,451 shares, compared to its average volume of 18,961,422. The firm has a 50 day simple moving average of $57.51 and a 200 day simple moving average of $50.10. The firm has a market capitalization of $212.21 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.15 and a beta of 1.18. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $61.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same period last year, the business posted $1.23 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post 5.06 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.34%. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several research analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $55.00 target price on shares of Wells Fargo & Company in a research note on Monday, January 8th. Jefferies Financial Group upped their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, April 8th. The Goldman Sachs Group lifted their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 price objective (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and a consensus price target of $58.99.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.