1832 Asset Management L.P. Has $232.63 Million Position in Wells Fargo & Company $WFC

Key Points

• 1832 Asset Management L.P. increased its stake in Wells Fargo & Company by 10.6%, owning approximately 3.24 million shares valued at $232.63 million as of the latest SEC filings.
• Wells Fargo recently reported earnings of $1.54 per share, exceeding estimates, and the company declared a quarterly dividend increase from $0.40 to $0.45.
• The firm has authorized a $40 billion stock buyback plan, indicating confidence in the stock's valuation from its Board of Directors.

1832 Asset Management L.P. increased its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 10.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 3,240,472 shares of the financial services provider's stock after purchasing an additional 309,738 shares during the period. 1832 Asset Management L.P. owned approximately 0.10% of Wells Fargo & Company worth $232,633,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in WFC. Northern Trust Corp lifted its holdings in Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after buying an additional 3,307,855 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Wells Fargo & Company by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock worth $1,471,259,000 after acquiring an additional 128,207 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the period. Boston Partners increased its stake in Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after purchasing an additional 523,107 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock valued at $431,418,000 after purchasing an additional 544,473 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Truist Financial lifted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. TD Cowen initiated coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Eleven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Stock Up 1.6%

WFC traded up $1.2380 during trading hours on Friday, reaching $79.0680. 11,281,046 shares of the stock traded hands, compared to its average volume of 13,614,554. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $253.29 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.20. The firm's fifty day simple moving average is $79.55 and its two-hundred day simple moving average is $74.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the prior year, the firm posted $1.33 EPS. The firm's revenue was up .6% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 30.82%.

Wells Fargo & Company declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.