Wells Fargo & Company (NYSE:WFC) Shares Sold by OLD Point Trust & Financial Services N A

OLD Point Trust & Financial Services N A cut its stake in Wells Fargo & Company (NYSE:WFC) by 62.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,183 shares of the financial services provider’s stock after selling 2,000 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Wells Fargo & Company were worth $83,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of WFC. Nordea Investment Management AB lifted its holdings in shares of Wells Fargo & Company by 10.1% in the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock valued at $441,983,000 after purchasing an additional 575,892 shares during the last quarter. Two Sigma Advisers LP grew its position in 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 worth $336,375,000 after purchasing an additional 5,237,500 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after purchasing an additional 1,659,716 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Wells Fargo & Company by 14.1% in the fourth quarter. Teacher Retirement System of Texas now owns 2,229,521 shares of the financial services provider’s stock valued at $156,602,000 after purchasing an additional 274,886 shares during the period. Finally, Public Sector Pension Investment Board raised its holdings in shares of Wells Fargo & Company by 81.6% in the third quarter. Public Sector Pension Investment Board now owns 1,981,130 shares of the financial services provider’s stock valued at $111,914,000 after buying an additional 889,953 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Piper Sandler lifted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. UBS Group lifted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Truist Financial upped their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $74.39.

Wells Fargo & Company Stock Up 2.4 %

Wells Fargo & Company stock opened at $72.79 on Thursday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm has a market capitalization of $239.35 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The stock’s fifty day moving average is $75.88 and its two-hundred day moving average is $69.22. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.86 EPS. Analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was 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.