E. Ohman J or Asset Management AB Cuts Stock Position in Wells Fargo & Company $WFC

E. Ohman J or Asset Management AB trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 75,344 shares of the financial services provider’s stock after selling 9,250 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Wells Fargo & Company were worth $6,226,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Wells Fargo & Company by 19.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider’s stock valued at $49,610,000 after buying an additional 84,902 shares during the period. Swiss Life Asset Management Ltd lifted its stake in shares of Wells Fargo & Company by 4.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock valued at $32,673,000 after acquiring an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Wells Fargo & Company by 4.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock valued at $38,446,000 after acquiring an additional 17,302 shares during the period. Norges Bank purchased a new stake in Wells Fargo & Company during the 4th quarter valued at about $4,512,563,000. Finally, Winning Points Advisors LLC bought a new position in Wells Fargo & Company during the 4th quarter worth approximately $3,384,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Bank of America raised their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Robert W. Baird upped their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Trading Up 0.3%

Shares of NYSE WFC opened at $87.55 on Tuesday. The firm’s 50 day moving average price is $85.10 and its 200-day moving average price is $83.03. The company has a market cap of $264.75 billion, a PE ratio of 12.73, a P/E/G ratio of 0.95 and a beta of 0.92. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same period last year, the firm posted $1.60 earnings per share. Wells Fargo & Company’s revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts expect that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is 29.07%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.