New York Life Investment Management LLC Sells 7,833 Shares of Wells Fargo & Company (NYSE:WFC)

New York Life Investment Management LLC decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 517,192 shares of the financial services provider’s stock after selling 7,833 shares during the quarter. New York Life Investment Management LLC’s holdings in Wells Fargo & Company were worth $25,456,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Stoneridge Investment Partners LLC boosted its stake in Wells Fargo & Company by 410.5% during the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock worth $2,757,000 after acquiring an additional 54,262 shares during the last quarter. United Services Automobile Association lifted its stake in Wells Fargo & Company by 13.7% in the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after buying an additional 11,825 shares in the last quarter. Synovus Financial Corp lifted its stake in Wells Fargo & Company by 61.7% in the third quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock valued at $4,983,000 after buying an additional 46,525 shares in the last quarter. Trust Point Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $2,499,000. Finally, WealthPlan Investment Management LLC lifted its stake in Wells Fargo & Company by 2,174.3% in the third quarter. WealthPlan Investment Management LLC now owns 21,287 shares of the financial services provider’s stock valued at $870,000 after buying an additional 20,351 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC stock traded up $0.20 during midday trading on Wednesday, reaching $59.52. 16,250,370 shares of the company were exchanged, compared to its average volume of 19,023,162. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The business has a 50-day moving average price of $57.24 and a two-hundred day moving average price of $49.97. Wells Fargo & Company has a one year low of $36.40 and a one year high of $61.76. The firm has a market capitalization of $210.72 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.35%. Wells Fargo & Company’s payout ratio is presently 29.23%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price target on the stock. in a research note on Thursday, January 18th. Piper Sandler cut their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 16th. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Jefferies Financial Group lifted their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $51.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, January 9th. Fourteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $58.99.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.