Penserra Capital Management LLC Has $271,000 Holdings in Wells Fargo & Company (NYSE:WFC)

Penserra Capital Management LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 70.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,783 shares of the financial services provider's stock after selling 8,886 shares during the period. Penserra Capital Management LLC's holdings in Wells Fargo & Company were worth $271,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Financiere des Professionnels Fonds d investissement inc. grew its stake in shares of Wells Fargo & Company by 55.2% during the first quarter. Financiere des Professionnels Fonds d investissement inc. now owns 36,586 shares of the financial services provider's stock worth $2,627,000 after purchasing an additional 13,011 shares during the period. SwitchPoint Financial Planning LLC acquired a new position in Wells Fargo & Company in the first quarter valued at about $445,000. McGlone Suttner Wealth Management Inc. grew its stake in Wells Fargo & Company by 50.3% in the first quarter. McGlone Suttner Wealth Management Inc. now owns 12,551 shares of the financial services provider's stock valued at $901,000 after acquiring an additional 4,201 shares during the period. Sierra Ocean LLC grew its stake in Wells Fargo & Company by 6.6% in the first quarter. Sierra Ocean LLC now owns 2,860 shares of the financial services provider's stock valued at $205,000 after acquiring an additional 178 shares during the period. Finally, Novare Capital Management LLC grew its stake in Wells Fargo & Company by 27.4% in the first quarter. Novare Capital Management LLC now owns 4,332 shares of the financial services provider's stock valued at $311,000 after acquiring an additional 933 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC opened at $82.55 on Friday. The business's 50-day simple moving average is $76.41 and its 200 day simple moving average is $73.85. The firm has a market capitalization of $268.63 billion, a PE ratio of 14.82, a PEG ratio of 1.39 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $83.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.20 earnings per share. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WFC. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, TD Cowen initiated coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.13.

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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