State of Alaska Department of Revenue Acquires 180,310 Shares of Wells Fargo & Company (NYSE:WFC)

State of Alaska Department of Revenue grew its holdings in Wells Fargo & Company (NYSE:WFCGet Rating) by 24.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 914,914 shares of the financial services provider’s stock after purchasing an additional 180,310 shares during the period. State of Alaska Department of Revenue’s holdings in Wells Fargo & Company were worth $37,775,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of WFC. Defender Capital LLC. bought a new position in shares of Wells Fargo & Company in the 1st quarter valued at $246,000. Fairfield Bush & CO. bought a new position in shares of Wells Fargo & Company in the 1st quarter valued at $124,000. Dakota Wealth Management bought a new position in shares of Wells Fargo & Company in the 1st quarter valued at $222,000. Candriam Luxembourg S.C.A. boosted its holdings in shares of Wells Fargo & Company by 0.3% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 273,936 shares of the financial services provider’s stock valued at $13,274,000 after acquiring an additional 770 shares in the last quarter. Finally, Zions Bancorporation N.A. boosted its holdings in shares of Wells Fargo & Company by 24.5% during the 1st quarter. Zions Bancorporation N.A. now owns 9,630 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 1,895 shares in the last quarter. Institutional investors own 72.24% of the company’s stock.

Insider Activity at Wells Fargo & Company

In related news, EVP Kleber Santos sold 34,698 shares of the business’s stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $46.27, for a total value of $1,605,476.46. Following the completion of the sale, the executive vice president now directly owns 19,590 shares of the company’s stock, valued at approximately $906,429.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Odeon Capital Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, March 13th. Cfra raised Wells Fargo & Company to a “buy” rating and set a $50.00 price objective on the stock in a report on Friday, January 13th. Deutsche Bank Aktiengesellschaft cut their price objective on Wells Fargo & Company from $60.00 to $50.00 in a report on Friday, January 6th. Morgan Stanley cut their price objective on Wells Fargo & Company from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, December 15th. Finally, Piper Sandler downgraded Wells Fargo & Company from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $49.00 to $47.00 in a report on Tuesday, January 17th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.09.

Wells Fargo & Company Trading Down 3.9 %

Shares of NYSE:WFC traded down $1.54 during midday trading on Friday, reaching $37.76. The company’s stock had a trading volume of 47,403,809 shares, compared to its average volume of 25,722,444. The firm has a market capitalization of $142.62 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.80 and a beta of 1.17. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a 50 day moving average price of $45.02 and a two-hundred day moving average price of $44.22. Wells Fargo & Company has a fifty-two week low of $36.54 and a fifty-two week high of $54.20.

Wells Fargo & Company (NYSE:WFCGet Rating) last announced its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $19.66 billion for the quarter, compared to the consensus estimate of $20.04 billion. Wells Fargo & Company had a return on equity of 9.28% and a net margin of 15.91%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.38 EPS. As a group, analysts forecast that Wells Fargo & Company will post 4.81 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 3rd were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Thursday, February 2nd. Wells Fargo & Company’s dividend payout ratio is 38.22%.

About Wells Fargo & Company

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Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.

Further Reading

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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