Groupama Asset Managment Has $13.02 Million Position in Wells Fargo & Company $WFC

Key Points

• Groupama Asset Management increased its Wells Fargo stake by 11.2% in the first quarter, holding 163,490 shares valued at approximately $13.02 million. Institutional investors and hedge funds collectively own 75.9% of WFC shares.
• Wells Fargo reported quarterly EPS of $1.96, beating expectations of $1.73, while revenue rose 8.6% year over year to $22.62 billion.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equating to a $2.00 annualized payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Groupama Asset Managment boosted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 163,490 shares of the financial services provider's stock after buying an additional 16,511 shares during the quarter. Groupama Asset Managment's holdings in Wells Fargo & Company were worth $13,015,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in WFC. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $26,000. Joseph Group Capital Management acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $28,000. Finally, Core Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $86.60 on Friday. The company has a fifty day moving average of $83.78 and a 200-day moving average of $83.17. The firm has a market capitalization of $261.88 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.93 and a beta of 0.92. 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 has a twelve month low of $72.78 and a twelve month high of $97.76.

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, beating analysts' consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 EPS. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 7.25 EPS 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. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 26.16%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WFC. Truist Financial increased their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a report on Friday, June 26th. Bank of America lifted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Piper Sandler reissued an "overweight" rating and issued a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Finally, UBS Group cut their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $98.61.

About Wells Fargo & Company

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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