Nearwater Capital Markets Ltd Raises Holdings in Wells Fargo & Company $WFC

Key Points

• Nearwater Capital Markets Ltd increased its stake in Wells Fargo & Company by 26.2%, holding a total of 675,000 shares valued at $48.5 million.
• Wells Fargo recently reported earnings of $1.54 per share for the quarter, exceeding expectations, with a revenue of $20.82 billion.
• The company announced a quarterly dividend of $0.45 per share, raising it from the previous $0.40, resulting in a 2.2% yield.

Nearwater Capital Markets Ltd boosted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 26.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 675,000 shares of the financial services provider's stock after buying an additional 140,000 shares during the period. Wells Fargo & Company makes up about 1.4% of Nearwater Capital Markets Ltd's investment portfolio, making the stock its 15th largest holding. Nearwater Capital Markets Ltd's holdings in Wells Fargo & Company were worth $48,458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Safeguard Investment Advisory Group LLC lifted its position in shares of Wells Fargo & Company by 2.4% in the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after acquiring an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. increased its holdings in shares of Wells Fargo & Company by 4.3% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after purchasing an additional 139 shares during the last quarter. Nwam LLC increased its stake in Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock worth $632,000 after acquiring an additional 142 shares during the last quarter. PGIM Custom Harvest LLC increased its stake in Wells Fargo & Company by 3.5% during the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock worth $303,000 after acquiring an additional 142 shares during the last quarter. Finally, Tradition Wealth Management LLC increased its position in shares of Wells Fargo & Company by 0.5% during the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock valued at $2,184,000 after acquiring an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded down $2.85 during trading on Friday, reaching $78.98. The company's stock had a trading volume of 20,656,880 shares, compared to its average volume of 12,342,975. The company has a 50-day moving average price of $80.54 and a two-hundred day moving average price of $75.03. The firm has a market cap of $253.00 billion, a PE ratio of 13.52, a P/E/G ratio of 1.23 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week 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.

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. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same period last year, the firm earned $1.33 EPS. The firm's revenue for the quarter was up .6% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 30.82%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research reports. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Truist Financial lifted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Profile

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.