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Rockefeller Capital Management L.P. now holds 638,233 shares of Wells Fargo & Company, valued at $36 million, after increasing its stake by 173,083 shares. Institutional investors own 75.90% of the stock, with recent activity including Valmark Advisers Inc. and NatWest Group plc boosting their holdings. Wells Fargo's stock has a "Moderate Buy" rating, with a consensus price target of $74.97, despite a recent 2.9% decline in share price.
Wells Fargo & Company reported a 0.5% decline in year-over-year revenue, with analysts forecasting an EPS of 5.89 for the current fiscal year. The firm announced a quarterly dividend of $0.40, yielding 2.26%, and has a payout ratio of 29.74%. Despite a Moderate Buy rating, some analysts suggest alternative stocks may be better investments.
Wells Fargo & Company has seen target price increases from several analysts, with Keefe, Bruyette & Woods raising it to $86.00 and Piper Sandler to $75.00, while Compass Point set it at $83.00. The stock holds a "Moderate Buy" rating, with an average target of $74.97, as institutional investors continue to increase their stakes. Recently, the company reported earnings of $1.43 per share, exceeding estimates, and declared a quarterly dividend of $0.40 per share, reflecting a 2.26% yield.
Alabama Attorney General Steve Marshall, along with a coalition of 17 states, has concluded an investigation into Wells Fargo's ESG policies after the bank withdrew from the Net-Zero Banking Alliance. The inquiry examined potential antitrust violations related to the banks' commitments to net-zero emissions by 2050 and interim targets for carbon-intensive industries by 2030. Marshall criticized the influence of global elites on financial institutions, asserting that their actions could undermine fiduciary duties to customers. The coalition will continue investigating the remaining banks involved.
Dimensional Fund Advisors LP increased its stake in Hexcel Corporation, owning 1,437,058 shares valued at $90.1 million. Institutional investors hold 95.47% of the stock, which has a consensus "Hold" rating among analysts, with a recent price target cut to $80 by Truist Financial. Hexcel's stock traded down 3.2% to $56.23, with a 52-week range of $55.25 to $73.58.
State Street Corp increased its stake in Huntsman by 2.2%, now holding 3,301,850 shares valued at $79.9 million, while Nomura Holdings raised its stake by 188.3% to 3,269,000 shares worth $58.9 million. Analysts have lowered Huntsman's price targets, with Wells Fargo setting it at $20, indicating a potential upside of 26.78%. The stock currently has a consensus "Hold" rating and a price target of $20.25, with institutional investors owning 84.81% of the shares.
JPMorgan Chase has implemented new restrictions on Zelle payments to combat fraud, particularly blocking transactions linked to social media and online marketplaces. Meanwhile, Wells Fargo has denied a $60,000 reimbursement claim from a nonprofit that fell victim to a bank impostor scam, citing the organization's involvement in the transaction. Additionally, a Bank of America customer is grappling with the fallout from being mistakenly declared deceased by Social Security, which has disrupted his benefits and led to bureaucratic challenges.
Wells Fargo analyst Mike Mayo has reduced the price target for Regions Financial from $28 to $26 while maintaining an Equal Weight rating. The adjustment comes amid a cautious Q1 earnings outlook due to policy uncertainties, despite a bullish long-term view on the banking sector following significant deregulation. Estimates have been lowered by 4% for Q1 and 2% through 2027, reflecting concerns over investment banking and loan activities.
Wells Fargo has lowered its price target for State Street (STT) to $113 from $118 while maintaining an Overweight rating, citing a cautious Q1 outlook due to policy uncertainties. The firm has reduced its estimates by 4% for Q1 and 2% through 2027, highlighting concerns over investment banking and loans. Despite this, Wells Fargo remains bullish on the banking sector for the year ahead, referencing significant deregulation.
Wells Fargo has lowered its price target for Goldman Sachs to $680 from $720 while maintaining an Overweight rating, citing a cautious Q1 outlook due to policy uncertainties. The firm has reduced its earnings estimates by 4% for Q1 and 2% through 2027, attributing this to a "degree of paralysis" affecting investment banking and loans. Despite these challenges, Wells Fargo remains bullish on the banking sector over the next year, highlighting significant deregulation.
Wells Fargo & Company
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