E Fund Management Co. Ltd. Increases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• E Fund Management Co. Ltd. increased its holdings in Wells Fargo by 13.6%, now owning 42,336 shares worth approximately $3,039,000.
• Wells Fargo recently declared a quarterly dividend increase from $0.40 to $0.45 per share, with a dividend yield of 2.3%.
• The company's stock performance reflects a market cap of approximately $254.51 billion, with an average target price of $80.39 according to analysts.

E Fund Management Co. Ltd. grew its position in Wells Fargo & Company (NYSE:WFC) by 13.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,336 shares of the financial services provider's stock after buying an additional 5,065 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Wells Fargo & Company were worth $3,039,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. BNP Paribas purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $28,000. Motco increased its position in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth about $29,000. Parvin Asset Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $32,000. Finally, Stone House Investment Management LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth about $34,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Wall Street Zen cut Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Morgan Stanley raised their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $79.45 on Wednesday. The firm has a market capitalization of $254.51 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.21 and a beta of 1.20. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The business's 50-day simple moving average is $79.06 and its 200-day simple moving average is $74.97.

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

Wells Fargo & Company Increases Dividend

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

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

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.

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