Algert Global LLC Purchases 12,793 Shares of Wells Fargo & Company $WFC

Key Points

• Algert Global LLC increased its holdings in Wells Fargo & Company by 22.5%, acquiring an additional 12,793 shares, bringing its total to 69,722 shares valued at $5,005,000.
• Wells Fargo recently announced a quarterly dividend of $0.45 per share, reflecting an increase from the previous $0.40, with shareholders receiving a yield of 2.3%.
• A recent report indicated a consensus price target for Wells Fargo stock at $81.58, with a majority of analysts rating it as a "Moderate Buy".

Algert Global LLC grew its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 22.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 69,722 shares of the financial services provider's stock after acquiring an additional 12,793 shares during the quarter. Algert Global LLC's holdings in Wells Fargo & Company were worth $5,005,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. BNP Paribas bought a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. Motco boosted its stake in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after buying an additional 326 shares during the period. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company during the first quarter worth approximately $29,000. Parvin Asset Management LLC bought a new position in Wells Fargo & Company during the 4th quarter worth $32,000. Finally, Stone House Investment Management LLC acquired a new position in Wells Fargo & Company in the 1st quarter valued at $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on WFC shares. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Wall Street Zen cut shares of Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, TD Cowen assumed coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Trading Up 0.5%

NYSE WFC opened at $77.46 on Tuesday. The company has a market cap of $248.14 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business's fifty day moving average is $79.23 and its 200 day moving average is $74.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The business's revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm posted $1.33 earnings per share. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis 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 payout ratio is presently 30.82%.

Wells Fargo & Company declared that its board has initiated a stock buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Wells Fargo & 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.

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