Mirae Asset Global Investments Co. Ltd. Acquires 799,519 Shares of Wells Fargo & Company $WFC

Key Points

• Mirae Asset Global Investments acquired 799,519 Wells Fargo shares during the third quarter, valued at approximately $64 million. Institutional investors collectively own 75.9% of Wells Fargo’s outstanding stock.
• Analysts maintain a favorable outlook, with the stock holding a consensus “Moderate Buy” rating and an average price target of $98.11.
• Wells Fargo reported quarterly EPS of $1.87, slightly exceeding estimates, and declared a quarterly dividend of $0.50 per share, representing a 2.4% annualized yield.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Wells Fargo & Company (NYSE:WFC - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 799,519 shares of the financial services provider's stock, valued at approximately $64,001,000.

Other hedge funds have also bought and sold shares of the company. Legal & General Group Plc purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $1,635,881,000. Bank of New York Mellon Corp bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $1,364,923,000. Deutsche Bank AG bought a new stake in Wells Fargo & Company in the second quarter worth $859,431,000. Pzena Investment Management LLC purchased a new position in Wells Fargo & Company during the 2nd quarter valued at $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Wells Fargo & Company during the second quarter worth approximately $620,861,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley decreased their price objective on Wells Fargo & Company from $102.00 to $101.00 and set an "overweight" rating for the company in a research note on Wednesday, October 14th. Robert W. Baird raised their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $91.50 to $92.00 and gave the company a "neutral" rating in a research note on Friday. The Goldman Sachs Group set a $94.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, October 13th. Finally, UBS Group lowered their price objective on Wells Fargo & Company from $104.00 to $102.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $98.11.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $83.39 on Monday. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The firm has a fifty day moving average of $84.33 and a 200-day moving average of $83.70. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $250.32 billion, a P/E ratio of 11.76, a PEG ratio of 0.89 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.85 by $0.02. The business had revenue of $21.87 billion for the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The company's revenue was up 2.0% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. As a group, analysts predict that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.21%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.