Arrowpoint Investment Partners Singapore Pte. Ltd. Purchases Shares of 11,700 Wells Fargo & Company (NYSE:WFC)

Key Points

• Arrowpoint Investment Partners Singapore has invested $840,000 in Wells Fargo & Company, acquiring 11,700 shares during the first quarter.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, representing an annualized yield of 2.3%.
• The company plans to repurchase up to $40 billion in shares, indicating the Board’s belief that its stock is undervalued.

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 11,700 shares of the financial services provider's stock, valued at approximately $840,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Stone House Investment Management LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at approximately $34,000. Trajan Wealth LLC lifted its stake in Wells Fargo & Company by 13.7% in the first quarter. Trajan Wealth LLC now owns 76,965 shares of the financial services provider's stock valued at $5,525,000 after acquiring an additional 9,275 shares during the last quarter. Tranquilli Financial Advisor LLC lifted its stake in Wells Fargo & Company by 2.9% in the first quarter. Tranquilli Financial Advisor LLC now owns 14,618 shares of the financial services provider's stock valued at $1,049,000 after acquiring an additional 415 shares during the last quarter. AIA Group Ltd lifted its stake in Wells Fargo & Company by 11.7% in the first quarter. AIA Group Ltd now owns 70,639 shares of the financial services provider's stock valued at $5,071,000 after acquiring an additional 7,396 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at approximately $1,104,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. TD Cowen assumed coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Bank of America boosted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Finally, Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $1.52 during trading hours on Wednesday, hitting $77.96. 14,409,843 shares of the company traded hands, compared to its average volume of 16,622,731. The stock has a market capitalization of $249.74 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.24 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 firm has a 50-day moving average of $79.11 and a 200 day moving average of $74.99. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 16.82% and a return on equity of 12.29%. The business's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 EPS. On average, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be issued a $0.45 dividend. This is a boost 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 annualized dividend and a yield of 2.3%. Wells Fargo & Company's payout ratio is presently 30.82%.

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

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.