PensionDanmark Pensionsforsikringsaktieselskab Purchases 59,953 Shares of Wells Fargo & Company $WFC

Key Points

• PensionDanmark increased its Wells Fargo stake by 10.8% in the second quarter, purchasing 59,953 shares and bringing its total holdings to 616,574 shares valued at approximately $51.0 million.
• Wells Fargo reported quarterly earnings of $1.96 per share, beating estimates of $1.73, while revenue reached $22.62 billion, up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to $2.00 annually and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

PensionDanmark Pensionsforsikringsaktieselskab increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 10.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 616,574 shares of the financial services provider's stock after purchasing an additional 59,953 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab's holdings in Wells Fargo & Company were worth $50,954,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Jump Financial LLC boosted its holdings in Wells Fargo & Company by 12.9% in the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock valued at $1,835,000 after purchasing an additional 2,615 shares during the period. Main Street Financial Solutions LLC grew its position in shares of Wells Fargo & Company by 111.0% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after purchasing an additional 7,368 shares in the last quarter. Vivaldi Capital Management LP grew its position in shares of Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its holdings in shares of Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock worth $2,044,000 after purchasing an additional 8,714 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

WFC has been the topic of a number of research reports. Barclays decreased their target price on shares of Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 15th. Truist Financial raised their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a report on Friday, June 26th. KGI Securities lowered Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Bank of America upped their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & Company Price Performance

WFC stock opened at $87.57 on Friday. The company has a market capitalization of $264.81 billion, a P/E ratio of 12.73, a PEG ratio of 0.97 and a beta of 0.92. The company has a fifty day moving average price of $84.70 and a 200-day moving average price of $83.03. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. 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 issued its quarterly earnings data 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. The company had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is presently 26.16%.

Wells Fargo & 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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