OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 35,802 shares of the financial services provider's stock, valued at approximately $2,973,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bryn Mawr Trust Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at about $658,000. Swiss Life Asset Management Ltd grew its position in shares of Wells Fargo & Company by 4.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock worth $32,673,000 after buying an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Wells Fargo & Company by 4.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after buying an additional 17,302 shares during the last quarter. Norges Bank purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Finally, Winning Points Advisors LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $3,384,000. 75.90% of the stock is currently owned by institutional investors.
Wells Fargo & Company Stock Up 1.0%
WFC stock opened at $84.70 on Tuesday. The firm has a 50 day moving average of $86.11 and a 200 day moving average of $82.85. The stock has a market capitalization of $256.13 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the previous year, the firm earned $1.60 EPS. Wells Fargo & Company's revenue was up 8.6% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.
Wells Fargo & Company Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's payout ratio is presently 29.07%.
Wall Street Analyst Weigh In
A number of research firms recently commented on WFC. Truist Financial increased their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Morgan Stanley upped their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. UBS Group lowered their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $98.61.
Read Our Latest Stock Report on Wells Fargo & Company
About Wells Fargo & Company
(
Free Report)
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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