New York Life Investment Management LLC Sells 7,581 Shares of Wells Fargo & Company $WFC

New York Life Investment Management LLC lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 1.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 435,207 shares of the financial services provider’s stock after selling 7,581 shares during the quarter. New York Life Investment Management LLC’s holdings in Wells Fargo & Company were worth $36,479,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on WFC shares. CICC Research began coverage on shares of Wells Fargo & Company in a report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 target price on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Wells Fargo & Company in a research report on Thursday, January 15th. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Finally, Evercore reduced their target price on Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, January 15th. Thirteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.92.

Wells Fargo & Company Price Performance

WFC opened at $93.93 on Monday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84. The stock has a market capitalization of $294.85 billion, a P/E ratio of 14.98, a price-to-earnings-growth ratio of 1.03 and a beta of 1.09. The company’s 50 day simple moving average is $91.64 and its 200-day simple moving average is $85.69. Wells Fargo & Company has a one year low of $58.42 and a one year high of $97.76.

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

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders 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 1.9%. Wells Fargo & Company’s dividend payout ratio is presently 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.