Artemis Investment Management LLP Has $120.45 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Artemis Investment Management LLP lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 37.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,079,003 shares of the financial services provider’s stock after selling 1,235,850 shares during the period. Wells Fargo & Company accounts for 1.5% of Artemis Investment Management LLP’s holdings, making the stock its 12th biggest position. Artemis Investment Management LLP owned about 0.06% of Wells Fargo & Company worth $120,446,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in WFC. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Arlington Trust Co LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at $25,000. Tennessee Valley Asset Management Partners bought a new position in Wells Fargo & Company during the fourth quarter worth $29,000. Fortis Group Advisors LLC acquired a new position in shares of Wells Fargo & Company in the third quarter valued at $25,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at about $32,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on WFC shares. Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. The Goldman Sachs Group increased their target price on Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Morgan Stanley boosted their price target on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. HSBC increased their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Fourteen 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $59.15.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $1.96 during trading on Friday, reaching $59.39. 31,064,935 shares of the company’s stock were exchanged, compared to its average volume of 18,567,232. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a market cap of $207.03 billion, a P/E ratio of 12.34, a PEG ratio of 1.41 and a beta of 1.17. The firm’s 50-day moving average price is $59.59 and its 200 day moving average price is $54.93.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results 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. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter in the previous year, the firm earned $1.23 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts anticipate that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a $0.35 dividend. The ex-dividend date was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.36%. Wells Fargo & Company’s dividend payout ratio is currently 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.