Czech National Bank Buys 28,791 Shares of Wells Fargo & Company $WFC

Key Points

• Czech National Bank increased its Wells Fargo stake by 3.4% in the second quarter, adding 28,791 shares for a total of 871,047 shares valued at approximately $72 million. Institutional investors collectively own 75.9% of the company.
• Wells Fargo reported stronger-than-expected quarterly results, with earnings of $1.96 per share versus the $1.73 consensus estimate and revenue of $22.62 billion. Revenue rose 8.6% year over year.
• The company raised its quarterly dividend to $0.50 per share from $0.45, equating to a $2.00 annualized dividend and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Czech National Bank lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 3.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 871,047 shares of the financial services provider's stock after acquiring an additional 28,791 shares during the quarter. Czech National Bank's holdings in Wells Fargo & Company were worth $71,983,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company during the 4th quarter worth $25,000. Navalign LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth $26,000. Joseph Group Capital Management bought a new stake in Wells Fargo & Company during the 4th quarter valued at $28,000. Finally, Phillip James Consulting Co. bought a new stake in Wells Fargo & Company during the 1st quarter valued at $28,000. Institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on WFC shares. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Barclays decreased their price objective on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating for the company in a report on Wednesday, April 15th. UBS Group lowered their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. Piper Sandler reiterated an "overweight" rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Finally, Robert W. Baird raised their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Stock Down 1.8%

Shares of NYSE WFC opened at $87.57 on Friday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The stock's fifty day simple moving average is $84.70 and its two-hundred day simple moving average is $83.03. The stock has a market capitalization of $264.81 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

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

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's payout ratio is presently 26.16%.

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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