Tredje AP fonden Has $117.17 Million Stake in Wells Fargo & Company $WFC

Tredje AP fonden trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 28.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,462,394 shares of the financial services provider’s stock after selling 582,032 shares during the quarter. Wells Fargo & Company accounts for 0.9% of Tredje AP fonden’s investment portfolio, making the stock its 22nd largest holding. Tredje AP fonden’s holdings in Wells Fargo & Company were worth $117,167,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. CBIZ Investment Advisory Services LLC raised 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 worth $27,000 after buying an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $27,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the 1st quarter worth about $29,000. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter worth approximately $31,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.4%

Wells Fargo & Company stock opened at $87.19 on Friday. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The firm has a 50 day moving average price of $82.75 and a 200-day moving average price of $78.59. The company has a market capitalization of $279.30 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.18 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

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

Wells Fargo & Company Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Keefe, Bruyette & Woods upped their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 15th. Bank of America upped their target price on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, Morgan Stanley upped their target price on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target 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.