Wells Fargo & Company (NYSE:WFC) Shares Sold by Meiji Yasuda Life Insurance Co

Meiji Yasuda Life Insurance Co trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 44,969 shares of the financial services provider’s stock after selling 780 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Wells Fargo & Company were worth $3,159,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth $28,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth $30,000. McClarren Financial Advisors Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter worth $30,000. Finally, Rakuten Securities Inc. boosted its position in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 1.1 %

NYSE:WFC opened at $71.80 on Friday. The company has a market cap of $234.43 billion, a PE ratio of 13.35, a P/E/G ratio of 1.18 and a beta of 1.02. The business’s 50 day moving average is $69.41 and its two-hundred day moving average is $71.74. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same period last year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Piper Sandler decreased their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Citigroup decreased 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 research report on Monday, March 24th. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.34.

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.