Algebris UK Ltd. Invests $44.45 Million in Wells Fargo & Company $WFC

Key Points

• Algebris UK Ltd. acquired 539,621 Wells Fargo shares worth approximately $44.45 million in the second quarter, making WFC a 2.9% portfolio holding and its 14th-largest position.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in EPS and $22.62 billion in revenue; revenue rose 8.6% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to a $2.00 annualized payout and a 2.4% yield.

Algebris UK Ltd. acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 539,621 shares of the financial services provider's stock, valued at approximately $44,454,000. Wells Fargo & Company comprises 2.9% of Algebris UK Ltd.'s investment portfolio, making the stock its 14th largest holding.

A number of other large investors have also recently bought and sold shares of the business. Bryn Mawr Trust Advisors LLC bought a new stake in Wells Fargo & Company during the second quarter valued at about $658,000. Swiss Life Asset Management Ltd grew its position in shares of Wells Fargo & Company by 4.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock valued at $32,673,000 after purchasing an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Wells Fargo & Company by 4.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after purchasing an additional 17,302 shares during the period. Norges Bank bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $4,512,563,000. Finally, Winning Points Advisors LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $3,384,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a research note on Wednesday, July 15th. Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. JPMorgan Chase & Co. upped their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Truist Financial increased their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & Company Trading Up 1.0%

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

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 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 during the quarter, compared to analysts' expectations of $21.86 billion. During the same quarter in the prior year, the firm posted $1.60 EPS. The company's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company's dividend payout ratio (DPR) is 29.07%.

About Wells Fargo & Company

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source