Polar Asset Management Partners Inc. Purchases New Position in Wells Fargo & Company $WFC

Key Points

• Polar Asset Management Partners acquired 38,200 Wells Fargo shares in the first quarter, valued at approximately $3.04 million. Institutional investors collectively own 75.9% of the company.
• Wells Fargo shares opened at $87.28, with a market capitalization of about $267.1 billion and a price-to-earnings ratio of 12.69. The stock has traded between $72.78 and $97.76 over the past year.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $98.50; recent targets range from $92 to $102.

Polar Asset Management Partners Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,200 shares of the financial services provider's stock, valued at approximately $3,041,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $4,512,563,000. Capital Research Global Investors grew its stake in Wells Fargo & Company by 4.9% in the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after purchasing an additional 1,760,484 shares during the period. Legal & General Group Plc raised its holdings in Wells Fargo & Company by 0.9% in the fourth quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock worth $1,975,600,000 after purchasing an additional 188,186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock worth $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, Boston Partners lifted its position in Wells Fargo & Company by 5.2% during the fourth quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock valued at $895,466,000 after buying an additional 477,745 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC opened at $87.28 on Tuesday. The stock has a 50-day moving average price of $82.97 and a 200-day moving average price of $83.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $267.08 billion, a PE ratio of 12.69, a P/E/G ratio of 0.94 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America upped their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Piper Sandler reissued an "overweight" rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a report on Wednesday, July 15th. Robert W. Baird raised their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Finally, Truist Financial lifted their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.50.

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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