Norinchukin Bank The Has $12.15 Million Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Norinchukin Bank increased its holdings in Wells Fargo & Company by 14.0% in the first quarter, bringing its total to 169,285 shares valued at $12.15 million.
• Wells Fargo recently announced a quarterly dividend increase to $0.45, resulting in a 2.3% yield for shareholders.
• The company also authorized a $40 billion share repurchase plan, indicating that management believes the stock is undervalued.

Norinchukin Bank The raised its position in Wells Fargo & Company (NYSE:WFC) by 14.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 169,285 shares of the financial services provider's stock after acquiring an additional 20,794 shares during the period. Norinchukin Bank The's holdings in Wells Fargo & Company were worth $12,153,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Wells Fargo & Company by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock worth $1,471,259,000 after buying an additional 128,207 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after buying an additional 7,894,919 shares in the last quarter. Boston Partners raised its stake in shares of Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after acquiring an additional 523,107 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Wells Fargo & Company by 10.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock worth $431,418,000 after acquiring an additional 544,473 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Wall Street Zen cut shares of Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average target price of $81.58.

Wells Fargo & Company Stock Up 0.9%

NYSE:WFC opened at $78.2150 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The stock's fifty day simple moving average is $79.34 and its 200-day simple moving average is $74.97. The firm has a market capitalization of $250.56 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.21 and a beta of 1.20.

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 for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same period last year, the firm posted $1.33 earnings per share. The business's quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has authorized a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Wells Fargo & Company 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.

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