State Farm Mutual Automobile Insurance Co. Has $3.04 Billion Position in Wells Fargo & Company (NYSE:WFC)

State Farm Mutual Automobile Insurance Co. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,210,993 shares of the financial services provider’s stock after selling 355,516 shares during the period. Wells Fargo & Company comprises about 2.8% of State Farm Mutual Automobile Insurance Co.’s investment portfolio, making the stock its 11th biggest position. State Farm Mutual Automobile Insurance Co.’s holdings in Wells Fargo & Company were worth $3,035,140,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of WFC. Michael A. Dubis Financial Planning LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $456,000. OneAscent Wealth Management LLC boosted its position in Wells Fargo & Company by 1.9% during the fourth quarter. OneAscent Wealth Management LLC now owns 8,623 shares of the financial services provider’s stock worth $606,000 after purchasing an additional 161 shares during the period. Allstate Corp bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $7,135,000. Maridea Wealth Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at $381,000. Finally, DnB Asset Management AS grew its position in shares of Wells Fargo & Company by 2.1% during the 4th quarter. DnB Asset Management AS now owns 613,324 shares of the financial services provider’s stock worth $43,080,000 after purchasing an additional 12,352 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $70.71 on Friday. The company’s fifty day moving average price is $75.84 and its 200-day moving average price is $69.92. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market capitalization of $230.87 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. 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 data 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 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 analyst estimates of $20.58 billion. During the same period in the previous year, the business earned $0.86 EPS. Wells Fargo & Company’s quarterly revenue was down .5% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current 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. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.26%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Wall Street Analyst Weigh In

WFC has been the topic of a number of recent analyst reports. 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 report on Tuesday, December 3rd. Citigroup reduced their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. The Goldman Sachs Group boosted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Morgan Stanley lifted their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Finally, Compass Point lifted their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.97.

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.