BNP Paribas Buys 17,473 Shares of Wells Fargo & Company $WFC

Key Points

• BNP Paribas sharply increased its Wells Fargo stake in the fourth quarter, adding 17,473 shares and boosting its holdings by 1,893.1% to 18,396 shares valued at about $1.715 million.
• Other institutional investors also added to WFC, and hedge funds and institutions now own 75.90% of the company, signaling continued interest from large investors.
• Analysts remain moderately positive on Wells Fargo: recent target cuts still left the consensus rating at “Moderate Buy,” with an average price target of $97.53, while the stock was trading around $79.43.

BNP Paribas grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1,893.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,396 shares of the financial services provider's stock after purchasing an additional 17,473 shares during the quarter. BNP Paribas' holdings in Wells Fargo & Company were worth $1,715,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in WFC. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $29,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in Wells Fargo & Company in the 3rd quarter valued at about $27,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on WFC. JPMorgan Chase & Co. lowered their price target on Wells Fargo & Company from $91.00 to $86.50 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating for the company in a research report on Wednesday, April 15th. Barclays reduced their target price on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating for the company in a research note on Wednesday, April 15th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Finally, HSBC raised Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target for the company in a report on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.53.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo shares rose as recent market commentary highlighted the stock’s recent strength versus the broader market, reinforcing momentum in the name. Wells Fargo (WFC) Rises Higher Than Market: Key Facts
• Positive Sentiment: Investors are also weighing Wells Fargo’s valuation after a recent pullback, which may be drawing value-oriented buyers into the stock. Is Wells Fargo (WFC) Offering Value After Recent Share Price Pullback?
• Positive Sentiment: Wells Fargo is set to present at the Morgan Stanley U.S. Financials Conference next week, which keeps the company in focus and could provide fresh updates on strategy and outlook. Wells Fargo to Present at the Morgan Stanley U.S. Financials Conference

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $79.43 on Wednesday. The firm has a market cap of $243.07 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 0.90 and a beta of 0.93. The business's 50 day moving average is $79.08 and its 200-day moving average is $84.84. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. Wells Fargo & Company has a 1-year low of $71.93 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business had revenue of $11.62 billion during the quarter, compared to analysts' expectations of $21.85 billion. During the same period last year, the firm posted $1.39 EPS. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 27.78%.

Wells Fargo & Company 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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.