Wells Fargo & Company $WFC Shares Acquired by Kodai Capital Management LP

Key Points

• Kodai Capital Management LP has significantly increased its position in Wells Fargo, raising its stake by 454.5% to 234,311 shares, valued at approximately $16.8 million.
• Wells Fargo reported earnings of $1.54 per share for the latest quarter, surpassing analyst expectations, and announced a dividend increase to $0.45 per share.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Wells Fargo, with a target price of $81.58.

Kodai Capital Management LP increased its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 454.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,311 shares of the financial services provider's stock after buying an additional 192,054 shares during the period. Kodai Capital Management LP's holdings in Wells Fargo & Company were worth $16,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at about $399,000. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after buying an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC acquired a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $408,000. RKL Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Allianz SE boosted its stake in Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on WFC shares. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. 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. Morgan Stanley raised their target price 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. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Eleven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Trading Up 0.2%

WFC traded up $0.17 on Friday, hitting $82.15. The company had a trading volume of 12,041,152 shares, compared to its average volume of 13,624,371. The company's fifty day moving average price is $80.31 and its 200 day moving average price is $74.99. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The firm has a market cap of $263.17 billion, a P/E ratio of 14.07, a PEG ratio of 1.28 and a beta of 1.20.

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

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders 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. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

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.