Allspring Global Investments Holdings LLC Purchases 660,825 Shares of Wells Fargo & Company $WFC

Key Points

• Allspring increased its Wells Fargo stake by 117.9% in the third quarter, purchasing 660,825 shares and bringing its holdings to 1,221,232 shares, valued at about $98 million.
• Wells Fargo reported quarterly EPS of $1.87, slightly above estimates, while revenue of $21.87 billion missed forecasts; revenue rose 2% year over year.
• The bank declared a quarterly dividend of $0.50 per share, equivalent to a 2.3% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $97.50.

Allspring Global Investments Holdings LLC raised its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 117.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,221,232 shares of the financial services provider's stock after buying an additional 660,825 shares during the period. Allspring Global Investments Holdings LLC's holdings in Wells Fargo & Company were worth $98,004,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Legal & General Group Plc acquired a new stake in Wells Fargo & Company in the second quarter valued at $1,635,881,000. Bank of New York Mellon Corp bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $1,364,923,000. Amundi lifted its position in shares of Wells Fargo & Company by 73.0% during the first quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock worth $1,310,663,000 after purchasing an additional 6,944,316 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Wells Fargo & Company during the second quarter worth about $859,431,000. Finally, Pzena Investment Management LLC grew its stake in Wells Fargo & Company by 0.3% in the third quarter. Pzena Investment Management LLC now owns 8,853,784 shares of the financial services provider's stock worth $708,745,000 after purchasing an additional 26,316 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC stock opened at $85.47 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $256.58 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.94 and a beta of 0.93. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The stock's fifty day moving average is $84.38 and its two-hundred day moving average is $83.60.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. The business had revenue of $21.87 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same quarter in the prior year, the firm earned $1.66 earnings per share. The company's quarterly revenue was up 2.0% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, November 6th. Wells Fargo & Company's payout ratio is 28.21%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Phillip Securities lowered their price objective on Wells Fargo & Company from $115.00 to $105.00 in a report on Thursday, October 15th. JPMorgan Chase & Co. increased their target price on Wells Fargo & Company from $91.50 to $92.00 and gave the stock a "neutral" rating in a report on Friday, October 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Thursday, October 15th. Jefferies Financial Group lowered their price target on Wells Fargo & Company from $105.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, September 24th. Finally, The Goldman Sachs Group set a $94.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, October 13th. Seventeen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $97.50.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company offering banking, lending, investment, and wealth management services. Its products include checking and savings accounts, credit cards, mortgages, auto loans, commercial financing, investment services, and financial advice.

The company serves consumers, businesses, and institutions, primarily in the United States. Its operations include consumer and small business banking, commercial banking, and corporate and investment banking, as well as wealth and investment management.

Wells Fargo traces its origins to 1852, when Henry Wells and William G.

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