Sumitomo Life Insurance Co. Sells 2,447 Shares of Wells Fargo & Company $WFC

Sumitomo Life Insurance Co. reduced its position in Wells Fargo & Company (NYSE:WFC) by 5.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 39,322 shares of the financial services provider’s stock after selling 2,447 shares during the period. Sumitomo Life Insurance Co.’s holdings in Wells Fargo & Company were worth $3,150,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC lifted its holdings in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in Wells Fargo & Company during the second quarter valued at about $27,000. Motco lifted its holdings in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company during the first quarter valued at about $29,000. Finally, 1248 Management LLC purchased a new stake in Wells Fargo & Company during the first quarter valued at about $31,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.4%

WFC stock opened at $87.19 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $279.30 billion, a PE ratio of 14.34, a PEG ratio of 1.18 and a beta of 1.25. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The stock has a 50-day simple moving average of $82.75 and a two-hundred day simple moving average of $78.59.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the previous year, the firm earned $1.42 earnings per share. Wells Fargo & Company’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s payout ratio is presently 29.61%.

Wall Street Analysts Forecast Growth

WFC has been the topic of several recent research reports. Phillip Securities downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Evercore ISI upped their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Truist Financial lifted their target price on Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Dbs Bank raised Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. Finally, Morgan Stanley lifted their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.