Keybank National Association OH Reduces Stake in Wells Fargo & Company

Keybank National Association OH has announced a reduction in its holdings of Wells Fargo & Company (NYSE:WFC - Free Report). During the fourth quarter, the firm decreased its position by 0.7%, now owning a total of 1,949,912 shares after selling 14,107 shares in the quarter. This represents 0.06% of the financial services company, valued at approximately $136,962,000 based on the most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their stakes in Wells Fargo. Notably, the National Pension Service increased its position by 15.2% in the third quarter, acquiring an additional 897,195 shares, bringing its total to 6,789,371 shares worth $383,532,000. Similarly, Diamond Hill Capital Management Inc. raised its stake by 2.5%, now holding 6,641,581 shares valued at $375,183,000 after adding 162,066 shares.

Nordea Investment Management AB expanded its position by 10.1% in the fourth quarter, now owning 6,284,421 shares worth $441,983,000 following an additional purchase of 575,892 shares. Two Sigma Advisers LP dramatically increased their stake by 730.4% in the third quarter, now holding 5,954,600 shares valued at $336,375,000 after buying 5,237,500 shares. Caisse DE Depot ET Placement DU Quebec also boosted its holdings by 158.1% in that period, acquiring 1,659,716 shares to reach a total of 2,709,659 shares worth $153,069,000. Overall, institutional and hedge funds own approximately 75.90% of the firm’s stock.

Recent Analyst Ratings

In recent evaluations, several research analysts have reviewed Wells Fargo's stock. Truist Financial recently increased its price target from $82.00 to $85.00, giving the stock a "buy" rating. Similarly, Morgan Stanley raised its price target from $84.00 to $88.00 and assigned it an "overweight" rating. Citigroup also updated its target from $67.00 to $82.00 while maintaining a "neutral" rating. Barclays lifted its target from $90.00 to $92.00, retaining an "overweight" rating, and The Goldman Sachs Group upped its target from $72.00 to $82.00, granting it a "buy" rating. Currently, eleven investment analysts have rated Wells Fargo as a hold, while ten have given it a buy rating. According to MarketBeat, the average rating for the stock remains a "Hold" with a consensus target price of $73.39.

Wells Fargo's Stock Performance

Wells Fargo shares opened at $76.96 recently. The company has a current ratio of 0.86, a quick ratio of 0.85, and a debt-to-equity ratio of 1.07. Over the past year, Wells Fargo has seen its stock fluctuate, with a low of $50.15 and a high of $81.50. The firm has a market capitalization of $253.06 billion, and its 50-day moving average stands at $76.00 compared to its 200-day moving average at $68.11, indicating a positive trend.

On January 15, Wells Fargo released its latest earnings report, showing earnings per share of $1.43, surpassing the expected consensus of $1.34 by $0.09. The company reported a return on equity of 12.38% and a net margin of 15.73%. However, total revenues were recorded at $20.38 billion, slightly below the consensus estimate of $20.58 billion, reflecting a 0.5% decrease in revenue compared to the same quarter last year.

Dividend Announcement

The firm announced a recent quarterly dividend of $0.40 per share, which was paid on March 1. Shareholders who were recorded as of January 7 received this payment, resulting in an annualized dividend of $1.60 and a yield of 2.08%. The ex-dividend date was February 7, and the current dividend payout ratio for Wells Fargo stands at 29.74%.

Company Overview

Wells Fargo & Company is a diversified financial services provider engaged in banking, insurance, investments, and finance products and services. Their operations are structured through several segments, including Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

finance, stocks, investment