Allianz SE Purchases 39,150 Shares of Wells Fargo & Company (NYSE:WFC)

Key Points

• Allianz SE increased its holdings in Wells Fargo & Company by 22.6%, acquiring an additional 39,150 shares, bringing its total to 212,335 shares valued at approximately $15.2 million.
• Wells Fargo recently reported a quarterly EPS of $1.54, exceeding estimates of $1.41, and is forecasting a total of 5.89 EPS for the current year.
• The company announced a dividend increase to $0.45 per share, representing a 2.3% yield and a payout ratio of 27.40%, with the dividend to be paid on September 1st.

Allianz SE grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 22.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 212,335 shares of the financial services provider's stock after purchasing an additional 39,150 shares during the quarter. Allianz SE's holdings in Wells Fargo & Company were worth $15,244,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company during the fourth quarter worth about $28,000. Motco boosted its holdings in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares in the last quarter. Parvin Asset Management LLC purchased a new stake in Wells Fargo & Company during the fourth quarter worth about $32,000. Finally, Dunhill Financial LLC boosted its holdings in Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after buying an additional 193 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial upped their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Bank of America upped their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $80.39.

Wells Fargo & Company Price Performance

NYSE WFC traded down $0.29 on Tuesday, hitting $77.29. 5,220,824 shares of the company were exchanged, compared to its average volume of 17,484,227. The company has a market cap of $251.50 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.21 and a beta of 1.20. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The firm has a 50 day moving average of $78.65 and a two-hundred day moving average of $74.93.

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

Wells Fargo & Company announced that its Board of Directors has initiated a stock repurchase 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 buy up to 17.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

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

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.