Migdal Insurance & Financial Holdings Ltd. Sells 6,751 Shares of Wells Fargo & Company (NYSE:WFC)

Migdal Insurance & Financial Holdings Ltd. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 24.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,037 shares of the financial services provider’s stock after selling 6,751 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Wells Fargo & Company were worth $1,037,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $2,049,693,000. Northern Trust Corp lifted its holdings in shares of Wells Fargo & Company by 0.3% during the 3rd quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock worth $1,560,755,000 after acquiring an additional 129,300 shares during the last quarter. Moneta Group Investment Advisors LLC grew its position in Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after acquiring an additional 26,267,166 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Wells Fargo & Company by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 21,901,706 shares of the financial services provider’s stock valued at $1,061,357,000 after acquiring an additional 64,080 shares during the last quarter. Finally, Pzena Investment Management LLC raised its position in Wells Fargo & Company by 1.9% during the third quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock valued at $746,484,000 after purchasing an additional 335,560 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler reduced their price objective on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 16th. Barclays lifted their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Evercore ISI increased their target price on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Raymond James lifted their target price on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 16th. Finally, The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Thirteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $58.85.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $57.18 on Thursday. The firm has a market capitalization of $202.44 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 1.10 and a beta of 1.19. The stock has a fifty day moving average of $55.42 and a 200 day moving average of $48.61. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $58.44. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. The business had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS. As a group, research analysts expect that Wells Fargo & Company will post 5.04 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were given a dividend of $0.35 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.40 annualized dividend and a yield of 2.45%. Wells Fargo & Company’s payout ratio is 29.23%.

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.