M&T Bank Corp Boosts Stake in Wells Fargo & Company $WFC

Key Points

• M&T Bank Corp increased its stake in Wells Fargo by 7.4% in Q4, adding 24,390 shares to hold 352,938 shares valued at about $32.89 million.
• Wells Fargo reported Q1 EPS of $1.60 (beat by $0.02) on revenue of $11.62 billion and declared a quarterly dividend of $0.45 (annualized $1.80, yield 2.3%; ex-dividend May 8, pay June 1).
• Insiders sold 115,000 shares (~$10.05 million) in the past three months, institutional investors own 75.90% of the stock, and analysts' consensus is a "Moderate Buy" with a $97.53 target price.

M&T Bank Corp grew its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 352,938 shares of the financial services provider's stock after acquiring an additional 24,390 shares during the period. M&T Bank Corp's holdings in Wells Fargo & Company were worth $32,894,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Redmont Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $27,000. Marquette Asset Management LLC grew its position in shares of Wells Fargo & Company by 472.4% during the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider's stock worth $28,000 after buying an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth approximately $30,000. Imprint Wealth LLC bought a new stake in shares of Wells Fargo & Company in the third quarter worth $31,000. Finally, Main Street Group LTD increased its stake in shares of Wells Fargo & Company by 36.9% in the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock worth $37,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE WFC opened at $79.27 on Tuesday. The company has a 50-day moving average price of $80.85 and a two-hundred day moving average price of $86.21. Wells Fargo & Company has a 52 week low of $71.89 and a 52 week high of $97.76. The stock has a market cap of $242.59 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 0.95 and a beta of 0.96. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion for the quarter, compared to analysts' expectations of $21.85 billion. During the same period last year, the firm earned $1.39 EPS. The firm's revenue was up 6.4% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 6.82 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, May 8th. Wells Fargo & Company's payout ratio is 27.78%.

Insider Transactions at Wells Fargo & Company

In related news, EVP Bridget E. Engle sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the transaction, the executive vice president owned 83,478 shares in the company, valued at $7,270,933.80. This trade represents a 26.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kleber Santos sold 25,000 shares of the company's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $87.72, for a total value of $2,193,000.00. Following the completion of the sale, the executive vice president owned 79,876 shares of the company's stock, valued at $7,006,722.72. This trade represents a 23.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 115,000 shares of company stock valued at $10,050,000. Company insiders own 0.14% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on WFC. Evercore reiterated an "outperform" rating on shares of Wells Fargo & Company in a research note on Friday, March 6th. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Monday, April 20th. CICC Research assumed coverage on shares of Wells Fargo & Company in a research report on Wednesday, January 14th. They set a "market perform" rating and a $96.00 price target on the stock. Wolfe Research reiterated an "outperform" rating and issued a $109.00 price target on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Finally, Morgan Stanley lowered their price objective on Wells Fargo & Company from $108.00 to $100.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $97.53.

Wells Fargo & Company Company Profile

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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