Mirae Asset Global Investments Co. Ltd. Grows Stake in Wells Fargo & Company $WFC

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Wells Fargo by 5.1%, owning 401,141 shares valued at approximately $32.14 million as of the end of the last quarter.
• Wells Fargo recently reported $1.54 earnings per share, exceeding analysts' estimates of $1.41 and demonstrating a slight revenue increase of 0.6% compared to the previous year.
• The company declared a quarterly dividend of $0.45, an increase from the previous $0.40, reflecting a 2.2% annual yield.

Mirae Asset Global Investments Co. Ltd. lifted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 401,141 shares of the financial services provider's stock after purchasing an additional 19,577 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Wells Fargo & Company were worth $32,139,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Wells Fargo & Company by 10.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after purchasing an additional 71,740 shares during the period. Secured Retirement Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $408,000. RKL Wealth Management LLC increased its position in Wells Fargo & Company by 166.4% in the 1st 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 during the period. Finally, Allianz SE raised 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 valued at $15,244,000 after acquiring an additional 39,150 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.2%

NYSE:WFC opened at $80.63 on Friday. The stock has a fifty day moving average price of $80.77 and a two-hundred day moving average price of $76.28. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market capitalization of $258.28 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a 1 year low of $55.98 and a 1 year high of $86.65.

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

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

Analysts Set New Price Targets

WFC has been the subject of a number of recent research reports. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday. 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 on the stock in a research note on Wednesday, July 16th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Truist Financial boosted their price target on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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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