Danica Pension Livsforsikringsaktieselskab Takes Position in Wells Fargo & Company $WFC

Key Points

• Danica Pension acquired 212,859 Wells Fargo shares during the second quarter, valued at approximately $17.6 million. Institutional investors and hedge funds collectively own 75.9% of the company.
• Wells Fargo exceeded quarterly expectations with earnings per share of $1.96 versus the $1.73 consensus, while revenue rose 8.6% year over year to $22.62 billion.
• The company raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to a $2.00 annualized payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Danica Pension Livsforsikringsaktieselskab purchased a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 212,859 shares of the financial services provider's stock, valued at approximately $17,591,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter worth $25,000. Miller Capital Partners Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Navalign LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth about $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. Finally, Phillip James Consulting Co. purchased a new stake in Wells Fargo & Company during the 1st quarter valued at about $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 0.0%

Shares of Wells Fargo & Company stock opened at $83.83 on Monday. The stock has a 50 day moving average of $86.08 and a 200 day moving average of $82.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $253.50 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating 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 company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the previous year, the business earned $1.60 earnings per share. The company's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Robert W. Baird upped their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Finally, UBS Group lowered their price target on shares of 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. Two investment 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 stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of "Moderate Buy" and a consensus target price of $98.61.

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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