9,844 Shares in Wells Fargo & Company $WFC Acquired by Northbridge Financial Group LLC

Northbridge Financial Group LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 9,844 shares of the financial services provider’s stock, valued at approximately $917,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Capital Research Global Investors lifted its position in Wells Fargo & Company by 18.6% during the 3rd quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider’s stock worth $2,989,104,000 after acquiring an additional 5,584,930 shares in the last quarter. Legal & General Group Plc lifted its holdings in Wells Fargo & Company by 1.9% in the 3rd quarter. Legal & General Group Plc now owns 21,009,237 shares of the financial services provider’s stock worth $1,760,994,000 after buying an additional 399,088 shares in the last quarter. Boston Partners lifted its holdings in Wells Fargo & Company by 1.9% in the 3rd quarter. Boston Partners now owns 9,128,470 shares of the financial services provider’s stock worth $763,675,000 after buying an additional 174,350 shares in the last quarter. Davis Selected Advisers lifted its holdings in Wells Fargo & Company by 6.1% in the 4th quarter. Davis Selected Advisers now owns 8,258,031 shares of the financial services provider’s stock worth $769,649,000 after buying an additional 471,979 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Wells Fargo & Company by 8.5% in the 3rd quarter. California Public Employees Retirement System now owns 6,726,087 shares of the financial services provider’s stock worth $563,781,000 after buying an additional 529,305 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on WFC shares. Truist Financial cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Barclays cut their target price on Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Finally, Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.53.

Insider Activity at Wells Fargo & Company

In related news, EVP Bridget E. Engle sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the sale, the executive vice president directly owned 83,478 shares of the company’s stock, valued at approximately $7,270,933.80. This represents a 26.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ellen R. Patterson sold 60,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the sale, the executive vice president owned 169,496 shares in the company, valued at approximately $14,813,950.40. This trade represents a 26.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 115,000 shares of company stock valued at $10,050,000. Corporate insiders own 0.14% of the company’s stock.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo will present at the Bernstein Strategic Decisions Conference on May 27, keeping management visible to investors and potentially reinforcing the bank’s strategy and outlook. Wells Fargo to Present at the Bernstein Strategic Decisions Conference
• Positive Sentiment: The NAHB/Wells Fargo Housing Market Index unexpectedly rose to 37 in May from 34 in April, a sign that homebuilder sentiment is improving and could support loan demand in the housing market. U.S. Homebuilder Confidence Unexpectedly Rebounds In May
• Positive Sentiment: Wells Fargo and other banks moved up league tables after helping arrange NextEra Energy’s $67 billion deal for Dominion Energy, highlighting stronger investment-banking activity. Lazard, Wells Fargo Vault Up League Tables on NextEra-Dominion Deal
• Neutral Sentiment: One article noted Wells Fargo’s preferred shares offer a discounted yield opportunity with interest-rate optionality, which is more of an investor commentary piece than a direct company catalyst. Wells Fargo Long Duration Preferred: Safe Yield, Discount To Par, And Interest Rate Optionality
• Negative Sentiment: Wells Fargo agreed to a $110 million settlement over lending and hiring discrimination claims, including a $100 million borrower-assistance fund, which may weigh on sentiment despite removing legal uncertainty. Wells Fargo agrees to $110M lending, hiring discrimination settlement

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $74.55 on Wednesday. The firm has a market cap of $228.12 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The firm’s 50-day simple moving average is $79.03 and its 200-day simple moving average is $85.46. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a 1 year low of $71.89 and a 1 year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.39 EPS. Equities analysts forecast that Wells Fargo & Company will post 6.82 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s dividend payout ratio is currently 27.78%.

About Wells Fargo & Company

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.