Blueshift Asset Management LLC Buys New Shares in Wells Fargo & Company (NYSE:WFC)

Key Points

• Blueshift Asset Management LLC acquired 5,169 shares of Wells Fargo, valued at approximately $371,000, during the 1st quarter.
• Wells Fargo's Board of Directors initiated a $40 billion share buyback plan to repurchase up to 17.2% of its stock, indicating a belief that the stock is undervalued.
• The company announced a quarterly dividend increase to $0.45 per share, representing a 2.3% yield, up from the previous $0.40 dividend.

Blueshift Asset Management LLC bought a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,169 shares of the financial services provider's stock, valued at approximately $371,000.

Other hedge funds have also bought and sold shares of the company. Northern Trust Corp raised its holdings in Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP raised its holdings in Wells Fargo & Company by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock valued at $1,430,742,000 after acquiring an additional 238,131 shares during the period. Capital Research Global Investors raised its holdings in Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Capital World Investors raised its holdings in Wells Fargo & Company by 0.4% in the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after acquiring an additional 62,099 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after acquiring an additional 7,894,919 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 0.8%

WFC stock traded down $0.63 during trading on Tuesday, reaching $76.95. The stock had a trading volume of 1,165,742 shares, compared to its average volume of 17,459,375. Wells Fargo & Company has a one year low of $50.22 and a one year high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company's 50 day moving average is $78.65 and its two-hundred day moving average is $74.93. The company has a market capitalization of $250.40 billion, a price-to-earnings ratio of 13.20, a P/E/G ratio of 1.21 and a beta of 1.20.

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

Wells Fargo & Company announced that its board has initiated a stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be paid a $0.45 dividend. The ex-dividend date is Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Analyst Ratings Changes

WFC has been the topic of several research analyst reports. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Wall Street Zen cut shares of Wells Fargo & Company from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. TD Cowen initiated 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. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.39.

About Wells Fargo & Company

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.