Wells Fargo & Company (NYSE:WFC) is First Pacific Advisors LP’s 10th Largest Position

First Pacific Advisors LP cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 28.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,769,719 shares of the financial services provider’s stock after selling 1,502,827 shares during the quarter. Wells Fargo & Company comprises approximately 3.8% of First Pacific Advisors LP’s holdings, making the stock its 10th biggest position. First Pacific Advisors LP’s holdings in Wells Fargo & Company were worth $264,785,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Leavell Investment Management Inc. boosted its holdings in Wells Fargo & Company by 1.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 21,342 shares of the financial services provider’s stock worth $1,206,000 after buying an additional 281 shares during the period. CWA Asset Management Group LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter worth $2,300,000. Assetmark Inc. boosted its holdings in shares of Wells Fargo & Company by 5.6% in the third quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider’s stock worth $21,620,000 after acquiring an additional 20,149 shares during the period. Lindbrook Capital LLC grew its position in shares of Wells Fargo & Company by 1.7% in the third quarter. Lindbrook Capital LLC now owns 21,019 shares of the financial services provider’s stock valued at $1,187,000 after purchasing an additional 345 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. raised its stake in shares of Wells Fargo & Company by 111.1% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock valued at $1,947,000 after purchasing an additional 18,138 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several analyst reports. Barclays raised their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods upped their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” 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, Compass Point upped their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $71.01 on Monday. The company has a market capitalization of $233.50 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.18 and a beta of 1.16. The business has a 50 day moving average of $76.10 and a 200 day moving average of $68.59. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period last year, the firm posted $0.86 earnings per share. The business’s revenue was down .5% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is presently 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.