KLP Kapitalforvaltning AS Grows Stock Position in Wells Fargo & Company $WFC

Key Points

• KLP Kapitalforvaltning AS increased its stake in Wells Fargo & Company by 3.1%, now holding over 1.24 million shares valued at approximately $99.7 million.
• Wells Fargo reported earnings of $1.54 per share, surpassing analyst expectations, while its revenue showed a slight year-over-year increase.
• The company raised its quarterly dividend to $0.45 per share, a 12.5% increase from the previous quarter, resulting in an annualized yield of 2.2%.

KLP Kapitalforvaltning AS raised its position in Wells Fargo & Company (NYSE:WFC) by 3.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,244,975 shares of the financial services provider's stock after purchasing an additional 37,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Wells Fargo & Company were worth $99,747,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of WFC. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares during the period. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth about $29,000. 1248 Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth about $31,000. Finally, Stone House Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth about $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $80.63 on Tuesday. Wells Fargo & Company has a fifty-two week low of $56.80 and a fifty-two week high of $86.65. The business has a 50 day moving average price of $80.72 and a two-hundred day moving average price of $76.39. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market cap of $258.29 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data 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 return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter last year, the firm earned $1.33 EPS. Wells Fargo & Company's quarterly revenue was up .6% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid 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 was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company's payout ratio is 30.82%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research reports. Truist Financial raised their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Citigroup increased their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, 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. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.74.

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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