Wells Fargo & Company $WFC Stock Holdings Lessened by New York Life Investment Management LLC

New York Life Investment Management LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 435,207 shares of the financial services provider’s stock after selling 7,581 shares during the period. New York Life Investment Management LLC’s holdings in Wells Fargo & Company were worth $36,479,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Hidden Cove Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 2.0% during the third quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider’s stock worth $499,000 after acquiring an additional 119 shares in the last quarter. Zullo Investment Group Inc. increased its position in Wells Fargo & Company by 2.0% in the 3rd quarter. Zullo Investment Group Inc. now owns 6,340 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 122 shares during the last quarter. Embree Financial Group raised its stake in shares of Wells Fargo & Company by 3.9% during the 3rd quarter. Embree Financial Group now owns 3,330 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 126 shares in the last quarter. Trust Co. of Vermont grew its stake in shares of Wells Fargo & Company by 1.1% in the 3rd quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider’s stock valued at $1,014,000 after buying an additional 126 shares in the last quarter. Finally, Traphagen Investment Advisors LLC grew its stake in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock valued at $532,000 after buying an additional 127 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Wells Fargo & Company from $92.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Barclays lifted their price objective on shares of Wells Fargo & Company from $94.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Evercore reduced their price target on Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Thursday, January 15th. Finally, HSBC reiterated a “hold” rating and set a $74.00 price target on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Thirteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.92.

Wells Fargo & Company Trading Up 2.1%

Wells Fargo & Company stock opened at $93.93 on Monday. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $97.76. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90. The firm has a market capitalization of $294.85 billion, a PE ratio of 14.98, a PEG ratio of 1.03 and a beta of 1.09. The business’s 50-day simple moving average is $91.64 and its 200-day simple moving average is $85.69.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The firm had revenue of $11.97 billion for the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.43 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is presently 28.71%.

Wells Fargo & 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.