TCW Group Inc. Reduces Stock Position in Wells Fargo & Company (NYSE:WFC)

TCW Group Inc. reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 532,209 shares of the financial services provider’s stock after selling 24,453 shares during the quarter. TCW Group Inc.’s holdings in Wells Fargo & Company were worth $37,382,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of WFC. Two Sigma Advisers LP lifted its stake in shares of Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after buying an additional 5,237,500 shares in the last quarter. Canoe Financial LP purchased a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $160,529,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Wells Fargo & Company by 158.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after purchasing an additional 1,659,716 shares during the period. Artemis Investment Management LLP boosted its holdings in Wells Fargo & Company by 410.8% in the 4th quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after purchasing an additional 1,105,679 shares during the period. Finally, National Pension Service boosted its holdings in Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after purchasing an additional 897,195 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Barclays raised their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Truist Financial raised their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, Evercore ISI raised their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $77.43 on Friday. The stock has a market cap of $257.81 billion, a PE ratio of 14.39, a PEG ratio of 1.18 and a beta of 1.18. The company’s fifty day moving average is $75.20 and its 200 day moving average is $67.01. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter last year, the company earned $0.86 EPS. The firm’s revenue was down .5% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 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, March 1st. Shareholders of record on Tuesday, January 7th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

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.