Keybank National Association OH Reduces Stake in Wells Fargo & Company (NYSE:WFC)

Keybank National Association OH has reduced its investment in Wells Fargo & Company (NYSE:WFC - Free Report) by 0.7% in the fourth quarter, based on its latest disclosure with the Securities and Exchange Commission (SEC). Following a sale of 14,107 shares during this period, the firm now holds 1,949,912 shares of the financial services provider. This stake represents 0.06% ownership of Wells Fargo, valued at approximately $136,962,000 as per the most recent SEC filing.

A variety of other hedge funds have also engaged in adjustments to their positions in WFC recently. For instance, the National Pension Service increased its stake in Wells Fargo shares by 15.2% in the third quarter, resulting in ownership of 6,789,371 shares currently valued at $383,532,000 after adding 897,195 shares during the last quarter. Similarly, Diamond Hill Capital Management Inc. raised its stake by 2.5% in the same period, bringing its total to 6,641,581 shares worth $375,183,000 after acquiring an additional 162,066 shares. Also noteworthy, Nordea Investment Management AB enhanced its position by 10.1% in the fourth quarter and now boasts 6,284,421 shares valued at $441,983,000 following a purchase of 575,892 shares. Two Sigma Advisers LP made a substantial move, increasing its stake by 730.4% during the third quarter, which translated to 5,954,600 shares worth $336,375,000 after acquiring an additional 5,237,500 shares. Lastly, Caisse DE Depot ET Placement DU Quebec raised its stake by 158.1% during the third quarter for a total of 2,709,659 shares worth $153,069,000 after purchasing an additional 1,659,716 shares. Currently, hedge funds and other institutional investors own 75.90% of Wells Fargo stock.

Wall Street Analysts' Insights

Several financial analysts have weighed in on Wells Fargo recently. For instance, Truist Financial raised its price target for Wells Fargo shares from $82.00 to $85.00 with a rating of "buy" given in a research note dated January 16. Morgan Stanley also increased its target from $84.00 to $88.00, providing an "overweight" rating on the same date. Citigroup moved its target from $67.00 to $82.00 and issued a "neutral" rating on November 19. In addition, Barclays lifted its price target from $90.00 to $92.00 and awarded an "overweight" rating as of January 16. Goldman Sachs raised its price target from $72.00 to $82.00 and issued a "buy" rating on December 6. In total, eleven analysts have rated the stock as a hold, while ten have given it a buy rating. According to MarketBeat, Wells Fargo & Company holds an average rating of "Hold" with a consensus target price of $73.39.

Wells Fargo Shares Performance

As of Tuesday, shares of NYSE:WFC opened at $76.96. The company maintains a debt-to-equity ratio of 1.07, current ratio of 0.86, and quick ratio of 0.85. Its 50-day moving average is at $76.00 and the 200-day moving average is $68.11. Wells Fargo boasts a market capitalization of $253.06 billion, a price-to-earnings (P/E) ratio of 14.30, a P/E growth (P/E/G) ratio of 1.18, and a beta of 1.18. The stock has hit a one-year low of $50.15 and a one-year high of $81.50.

Recently, Wells Fargo announced its earnings results that were released on January 15. The financial services provider reported earnings of $1.43 per share, surpassing the consensus estimate of $1.34 by $0.09. The return on equity stood at 12.38%, with a net margin of 15.73%. The reported revenue was $20.38 billion for the quarter, which fell slightly short of the consensus estimate of $20.58 billion. Year-over-year, the business experienced a revenue decline of 0.5%. Analysts project that Wells Fargo will post earnings per share of 5.89 for the current fiscal year.

Wells Fargo Dividend Announcement

Wells Fargo has also disclosed a quarterly dividend of $0.40 per share, which was paid out on March 1. Shareholders who were on record as of January 7 received this dividend, reflecting an annualized dividend of $1.60 and a yield of 2.08%. The ex-dividend date for this payment was set on February 7, and the current dividend payout ratio for Wells Fargo stands at 29.74%.

About Wells Fargo & Company

Wells Fargo & Co operates as a diversified, community-based financial services entity offering a range of banking, insurance, investment, mortgage, and commercial finance products and services. The company functions across several segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, as well as Wealth and Investment Management.

Keybank, Wells, WFC