Washington Trust Bank Grows Position in Wells Fargo & Company (NYSE:WFC)

Washington Trust Bank raised its holdings in Wells Fargo & Company (NYSE:WFC) by 16.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,359 shares of the financial services provider’s stock after purchasing an additional 2,622 shares during the period. Washington Trust Bank’s holdings in Wells Fargo & Company were worth $1,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of WFC. Two Sigma Advisers LP raised its holdings 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 valued at $336,375,000 after acquiring an additional 5,237,500 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Wells Fargo & Company by 158.1% in the third 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 acquiring an additional 1,659,716 shares during the period. Artemis Investment Management LLP grew its position in shares of Wells Fargo & Company by 410.8% in the fourth 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 in the last quarter. Public Sector Pension Investment Board raised its stake in shares of Wells Fargo & Company by 81.6% during the 3rd 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 purchasing an additional 889,953 shares during the period. Finally, KBC Group NV lifted its holdings in Wells Fargo & Company by 63.1% during the 4th quarter. KBC Group NV now owns 1,962,302 shares of the financial services provider’s stock worth $137,832,000 after purchasing an additional 758,893 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of a number of recent analyst reports. UBS Group lifted their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. 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, Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $74.39.

Wells Fargo & Company Trading Down 0.0 %

Shares of WFC opened at $72.51 on Friday. 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 cap of $238.43 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.18 and a beta of 1.16. The firm has a 50 day moving average price of $75.95 and a 200-day moving average price of $69.34. 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 issued 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. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period in the prior year, the business posted $0.86 EPS. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.21%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Wells Fargo & Company Profile

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.