State Farm Mutual Automobile Insurance Co. Sells 355,516 Shares of Wells Fargo & Company (NYSE:WFC)

State Farm Mutual Automobile Insurance Co. lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,210,993 shares of the financial services provider’s stock after selling 355,516 shares during the quarter. Wells Fargo & Company accounts for about 2.8% of State Farm Mutual Automobile Insurance Co.’s portfolio, making the stock its 11th largest position. State Farm Mutual Automobile Insurance Co. owned about 1.30% of Wells Fargo & Company worth $3,035,140,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $26,000. Truvestments Capital LLC acquired a new stake in Wells Fargo & Company during the 3rd quarter worth about $29,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $30,000. Finally, Rakuten Securities Inc. grew its holdings in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 237 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Thursday, March 13th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Citigroup lowered their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Barclays lifted their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $74.97.

Wells Fargo & Company Trading Down 2.2 %

Shares of NYSE WFC opened at $70.71 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a market cap of $230.87 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 1.18 and a beta of 1.16. The business has a fifty day simple moving average of $75.84 and a 200-day simple moving average of $69.92.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. Sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.