Great Lakes Advisors LLC Invests $154.95 Million in Wells Fargo & Company $WFC

Key Points

• Great Lakes Advisors acquired 1.875 million Wells Fargo shares valued at approximately $154.95 million, making WFC about 1.2% of its portfolio and its 19th-largest holding.
• Institutional investors and hedge funds own approximately 75.9% of Wells Fargo. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $98.61.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 EPS and $22.62 billion in revenue. The company also raised its quarterly dividend to $0.50 per share, representing a 2.4% annual yield.

Great Lakes Advisors LLC acquired a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,875,052 shares of the financial services provider's stock, valued at approximately $154,954,000. Wells Fargo & Company makes up about 1.2% of Great Lakes Advisors LLC's investment portfolio, making the stock its 19th biggest position. Great Lakes Advisors LLC owned about 0.06% of Wells Fargo & Company as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of WFC. Norges Bank bought a new stake in Wells Fargo & Company during the 4th quarter worth about $4,512,563,000. Capital Research Global Investors increased its position in Wells Fargo & Company by 4.9% in the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock valued at $3,487,687,000 after acquiring an additional 1,760,484 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Wells Fargo & Company by 0.9% in the fourth quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock worth $1,975,600,000 after acquiring an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock worth $1,922,257,000 after acquiring an additional 2,369,260 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Wells Fargo & Company during the second quarter worth approximately $1,364,923,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. UBS Group decreased their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Truist Financial boosted their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Bank of America upped their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company 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 issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Trading Down 0.0%

Shares of NYSE:WFC opened at $83.83 on Monday. The firm has a market cap 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 12 month low of $72.78 and a 12 month high of $97.76. The company's fifty day simple moving average is $86.08 and its 200 day simple moving average is $82.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. 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. Wells Fargo & Company's payout ratio is currently 29.07%.

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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