BlueCrest Capital Management Ltd Has $2.38 Million Stake in Wells Fargo & Company $WFC

Key Points

• BlueCrest Capital Management cut its Wells Fargo stake by 92.5% in the second quarter, selling 353,261 shares and retaining 28,835 shares worth approximately $2.38 million. Institutional investors and hedge funds collectively own 75.9% of WFC.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 EPS and $22.62 billion in revenue, with revenue up 8.6% year over year. The bank also raised its quarterly dividend to $0.50 per share, equivalent to a 2.2% annual yield.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $98.61. CEO Charlie Scharf also indicated that Wells Fargo may pursue acquisitions or other strategic deals, while the stock recently traded below its 12-month high.

BlueCrest Capital Management Ltd reduced its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 92.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,835 shares of the financial services provider's stock after selling 353,261 shares during the quarter. BlueCrest Capital Management Ltd's holdings in Wells Fargo & Company were worth $2,383,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Brighton Jones LLC grew its position in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares in the last quarter. Jump Financial LLC grew its holdings in Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock valued at $1,835,000 after purchasing an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC lifted its stake in shares of Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after buying an additional 7,368 shares during the last quarter. Vivaldi Capital Management LP boosted its holdings in shares of Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after buying an additional 165 shares during the period. Finally, Diversify Advisory Services LLC grew its stake in Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after buying an additional 8,714 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: CEO Charlie Scharf said “now is the time” to pursue deals, signaling that Wells Fargo may be willing to accelerate acquisitions or other strategic transactions. Investors could view this as a constructive sign that management sees attractive opportunities to deploy capital and expand the business. Wells Fargo CEO Charlie Scharf on dealmaking: Now is the time to get it done
• Neutral Sentiment: Wells Fargo CFO Mike Santomassimo is scheduled to present at the Barclays Global Financial Services Conference on September 15. The event could provide updates on loan demand, net interest income, capital allocation and expense management, but no new financial information was disclosed in the announcement. Wells Fargo to Present at the Barclays Global Financial Services Conference
• Negative Sentiment: A market report noted that WFC recently fell more than the broader market, closing at $87.96 in the referenced session. The report did not identify a new company-specific problem, suggesting the weakness was more likely tied to market or financial-sector factors than a change in Wells Fargo’s fundamentals. Wells Fargo Registers a Bigger Fall Than the Market: Important Facts to Note

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $89.74 on Thursday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $271.36 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. The firm has a 50-day moving average price of $86.99 and a 200 day moving average price of $82.66.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. During the same period in the prior year, the firm posted $1.60 EPS. Wells Fargo & Company's quarterly revenue was up 8.6% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 7th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Robert W. Baird increased their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Bank of America upped their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. UBS Group decreased their target price on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Finally, Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $98.61.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.

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