Daiichi Life Insurance Co. Ltd. Makes New Investment in Wells Fargo & Company $WFC

Daiichi Life Insurance Co. Ltd. purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 129,775 shares of the financial services provider's stock, valued at approximately $10,725,000.

Several other hedge funds have also made changes to their positions in WFC. Norges Bank acquired a new position in Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Bank of New York Mellon Corp acquired a new stake in Wells Fargo & Company during the 2nd quarter valued at $1,364,923,000. Deutsche Bank AG purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at $859,431,000. Pzena Investment Management LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $620,861,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Robert W. Baird lifted 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. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Finally, Bank of America increased their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Two equities 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $84.82 on Wednesday. The firm has a market cap of $256.51 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $86.11 and a 200 day simple moving average of $82.79.

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 for the quarter, topping the consensus estimate 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 company had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the prior year, the firm posted $1.60 EPS. The business's revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company's payout ratio is 29.07%.

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.

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