Nippon Life Global Investors Americas Inc. Makes New $34.61 Million Investment in Wells Fargo & Company (NYSE:WFC)

Nippon Life Global Investors Americas Inc. acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 492,760 shares of the financial services provider’s stock, valued at approximately $34,611,000. Wells Fargo & Company makes up 1.6% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 20th biggest holding.

Other institutional investors also recently bought and sold shares of the company. Morse Asset Management Inc purchased a new stake in shares of Wells Fargo & Company in the third quarter worth about $487,000. Tudor Financial Inc. acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $468,000. Anchor Investment Management LLC raised its position in shares of Wells Fargo & Company by 5.5% during the 3rd quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock worth $898,000 after purchasing an additional 836 shares during the period. World Investment Advisors LLC increased its position in Wells Fargo & Company by 1,263.8% in the third quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock worth $4,261,000 after buying an additional 69,901 shares during the period. Finally, Tidal Investments LLC lifted its position in Wells Fargo & Company by 4.5% in the 3rd quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock valued at $7,842,000 after purchasing an additional 5,946 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $64.03 on Tuesday. The stock has a market cap of $209.07 billion, a price-to-earnings ratio of 11.90, a P/E/G ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The business’s 50-day simple moving average is $70.92 and its 200 day simple moving average is $71.32.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period in the prior year, the business posted $1.20 earnings per share. Wells Fargo & Company’s revenue was down 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 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, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is 28.73%.

Analyst Ratings Changes

WFC has been the subject of several recent analyst reports. Bank of America decreased their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Piper Sandler dropped their target price on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Finally, Barclays cut their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.34.

About Wells Fargo & Company

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.