32,830 Shares in Wells Fargo & Company $WFC Purchased by E Fund Management Co. Ltd.

Key Points

• E Fund Management purchased 32,830 Wells Fargo shares worth approximately $2.7 million during the second quarter. Institutional investors and hedge funds collectively own 75.9% of the company.
• Wells Fargo reported quarterly EPS of $1.96, exceeding estimates of $1.73, while revenue rose 8.6% year over year to $22.62 billion.
• The company increased its quarterly dividend from $0.45 to $0.50 per share, representing a 2.4% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.61.

E Fund Management Co. Ltd. bought a new position in Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 32,830 shares of the financial services provider's stock, valued at approximately $2,713,000.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $4,512,563,000. Capital Research Global Investors boosted its holdings in Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after acquiring an additional 1,760,484 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock worth $1,975,600,000 after acquiring an additional 188,186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock valued at $1,922,257,000 after purchasing an additional 2,369,260 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Wells Fargo & Company during the second quarter valued at about $1,364,923,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $84.70 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The business's 50 day simple moving average is $86.11 and its 200 day simple moving average is $82.85. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The company has a market cap of $256.13 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The business's revenue was up 8.6% on a year-over-year basis. Sell-side analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio is 29.07%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WFC. Robert W. Baird boosted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. UBS Group dropped their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Bank of America boosted their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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