ING Groep NV Cuts Stake in Wells Fargo & Company $WFC

ING Groep NV lessened its stake in Wells Fargo & Company (NYSE:WFC) by 5.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 132,749 shares of the financial services provider’s stock after selling 7,363 shares during the period. ING Groep NV’s holdings in Wells Fargo & Company were worth $11,127,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Access Investment Management LLC bought a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $25,000. Marquette Asset Management LLC increased its stake in shares of Wells Fargo & Company by 472.4% during the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock valued at $28,000 after buying an additional 274 shares during the period. Grey Fox Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the 3rd quarter valued at $30,000. Kilter Group LLC bought a new position in Wells Fargo & Company in the 2nd quarter worth $31,000. Finally, Aventus Investment Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on WFC. Barclays raised their price objective on shares of Wells Fargo & Company from $94.00 to $113.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Morgan Stanley lifted their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 15th. Robert W. Baird cut Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. Truist Financial lowered their price objective on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Wednesday, January 21st. Thirteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.29.

Wells Fargo & Company Price Performance

Shares of WFC opened at $89.08 on Thursday. The company has a market capitalization of $279.63 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 1.01 and a beta of 1.09. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. The firm has a 50 day moving average of $91.94 and a 200 day moving average of $85.85. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $97.76.

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

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, February 6th. This represents a $1.80 dividend on an annualized basis and a yield of 2.0%. Wells Fargo & Company’s dividend payout ratio is 28.71%.

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.