Federated Hermes Inc. Has $35.27 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Federated Hermes Inc. grew its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 491,346 shares of the financial services provider's stock after acquiring an additional 32,795 shares during the quarter. Federated Hermes Inc.'s holdings in Wells Fargo & Company were worth $35,274,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors lifted its position in shares of Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after purchasing an additional 7,894,919 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after purchasing an additional 3,350,605 shares in the last quarter. Northern Trust Corp lifted its position in shares of Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $198,801,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $2.83 on Friday, hitting $77.80. The company's stock had a trading volume of 16,070,055 shares, compared to its average volume of 18,511,252. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.83. The company has a market capitalization of $253.18 billion, a PE ratio of 13.32, a PEG ratio of 1.25 and a beta of 1.20. The stock's 50 day moving average is $78.56 and its 200-day moving average is $74.94. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the business earned $1.33 earnings per share. The firm's quarterly revenue was up .6% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its board has approved a share buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. This is an increase 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 dividend yield of 2.3%. Wells Fargo & Company's payout ratio is currently 27.40%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on WFC shares. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. The Goldman Sachs Group dropped their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, TD Cowen started coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $80.39.

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.