Wells Fargo & Company (NYSE:WFC) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 28.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 473,444 shares of the financial services provider’s stock after acquiring an additional 106,260 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Wells Fargo & Company were worth $27,441,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in WFC. Lazari Capital Management Inc. increased its stake in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Lazari Capital Management Inc. now owns 22,804 shares of the financial services provider’s stock worth $1,122,000 after purchasing an additional 202 shares during the last quarter. Webster Bank N. A. increased its stake in shares of Wells Fargo & Company by 2.0% during the 1st quarter. Webster Bank N. A. now owns 10,153 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 202 shares during the last quarter. First Financial Corp IN increased its stake in shares of Wells Fargo & Company by 4.9% during the 4th quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 214 shares during the last quarter. CX Institutional increased its stake in shares of Wells Fargo & Company by 1.1% during the 4th quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock worth $998,000 after purchasing an additional 217 shares during the last quarter. Finally, Cape Investment Advisory Inc. increased its stake in shares of Wells Fargo & Company by 3.4% during the 4th quarter. Cape Investment Advisory Inc. now owns 6,746 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 219 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WFC. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, April 1st. HSBC raised their target price on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Finally, Argus raised their target price on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Fourteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $59.36.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $59.62 on Friday. The company has a 50-day moving average of $59.54 and a 200-day moving average of $55.44. The company has a market capitalization of $207.85 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.49 and a beta of 1.17. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55. 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 (NYSE:WFC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same period last year, the firm earned $1.23 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.15 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

About Wells Fargo & Company

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.