Assetmark Inc. Boosts Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• Assetmark Inc. increased its holdings in Wells Fargo & Company by 9.3%, now owning 590,641 shares valued at approximately $42.4 million.
• Wells Fargo's board approved a $40 billion share repurchase plan, indicating confidence in the stock's valuation.
• The company's most recent earnings report showed a 16.82% net margin and a beating of analysts' EPS estimates by $0.13, with a reported $1.54 EPS.

Assetmark Inc. increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 9.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 590,641 shares of the financial services provider's stock after buying an additional 50,264 shares during the quarter. Assetmark Inc.'s holdings in Wells Fargo & Company were worth $42,402,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Investment Counsel Co. of Nevada bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $28,000. Parvin Asset Management LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $32,000. Dunhill Financial LLC increased its position in shares of Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after purchasing an additional 193 shares during the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $35,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 1.5%

NYSE:WFC traded down $1.29 during trading hours on Monday, hitting $83.03. The company had a trading volume of 10,625,988 shares, compared to its average volume of 17,680,338. The company has a market capitalization of $270.19 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.31 and a beta of 1.16. The stock has a 50-day moving average price of $77.86 and a 200 day moving average price of $74.63. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

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

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 1.93%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 27.40%.

Wells Fargo & Company declared that its board has initiated a stock repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have commented on WFC. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report 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 on the stock in a report on Wednesday, July 16th. Truist Financial increased their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Bank of America increased their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Finally, TD Cowen began coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $80.39.

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.