Arrowstreet Capital Limited Partnership Boosts Stake in Wells Fargo & Company $WFC

Key Points

• Arrowstreet Capital boosted its Wells Fargo stake by 482.3% in the first quarter, adding more than 1.5 million shares to reach 1.85 million shares worth about $147.5 million.
• Wells Fargo recently paid a quarterly dividend of $0.45 per share, equal to an annualized yield of about 2.1%, with a payout ratio of 26.16%.
• Wall Street sentiment remains constructive: analysts have an average “Moderate Buy” rating on WFC, with an average target price of $98.50 versus the stock’s recent price of $86.39.

Arrowstreet Capital Limited Partnership raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 482.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,852,365 shares of the financial services provider's stock after acquiring an additional 1,534,255 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Wells Fargo & Company worth $147,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the business. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company in the 4th quarter valued at about $25,000. Navalign LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth about $26,000. Joseph Group Capital Management acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $28,000. Finally, Phillip James Consulting Co. purchased a new position in shares of Wells Fargo & Company during the first quarter valued at $28,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.2%

NYSE:WFC opened at $86.39 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a market cap of $264.37 billion, a PE ratio of 12.56, a P/E/G ratio of 0.94 and a beta of 0.92. The firm's 50 day simple moving average is $82.72 and its 200 day simple moving average is $83.51.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company's dividend payout ratio is currently 26.16%.

Wall Street Analyst Weigh In

Several equities analysts have commented on WFC shares. Morgan Stanley increased their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Keefe, Bruyette & Woods cut their target price on shares of 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. Barclays reduced their price objective on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a report on Wednesday, April 15th. Truist Financial upped their target price on shares of 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, Bank of America upped their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $98.50.

Wells Fargo & Company Profile

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.

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