Free Trial

Powszechne Towarzystwo Emerytalne Allianz Polska S.A. Invests $19.38 Million in Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company logo with Finance background

Key Points

  • Powszechne Towarzystwo Emerytalne Allianz Polska S.A. has acquired 270,000 shares of Wells Fargo & Company, valued at approximately $19.4 million, making it the fund’s 4th largest position.
  • Wells Fargo reported a quarterly earnings per share (EPS) of $1.54, exceeding estimates, and announced a dividend increase to $0.45 per share, reflecting a commitment to shareholder returns.
  • The company initiated a stock buyback plan of $40 billion, representing a significant belief by its board that the stock is currently undervalued.
  • MarketBeat previews the top five stocks to own by September 1st.

Powszechne Towarzystwo Emerytalne Allianz Polska S.A. purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 270,000 shares of the financial services provider's stock, valued at approximately $19,383,000. Wells Fargo & Company makes up 8.7% of Powszechne Towarzystwo Emerytalne Allianz Polska S.A.'s investment portfolio, making the stock its 4th largest position.

A number of other hedge funds have also recently made changes to their positions in the company. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company during the first quarter valued at about $399,000. Secured Retirement Advisors LLC purchased a new stake in Wells Fargo & Company during the first quarter valued at about $408,000. RKL Wealth Management LLC boosted its position in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after buying an additional 5,113 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after buying an additional 70,104 shares during the period. Finally, Silver Oak Securities Incorporated purchased a new stake in Wells Fargo & Company during the first quarter valued at about $215,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on WFC shares. Barclays cut their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Truist Financial upped their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $80.39.

View Our Latest Report on WFC

Wells Fargo & Company Stock Down 3.5%

Shares of WFC traded down $2.83 on Friday, hitting $77.80. 16,070,055 shares of the stock traded hands, compared to its average volume of 19,314,816. The company has a market capitalization of $253.18 billion, a PE ratio of 13.32, a P/E/G ratio of 1.21 and a beta of 1.20. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The business has a 50 day simple moving average of $78.56 and a 200 day simple moving average of $74.93. Wells Fargo & Company has a one year low of $50.15 and a one year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS 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 business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The firm's revenue was up .6% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, August 8th. 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. Wells Fargo & Company's dividend payout ratio is 27.40%.

Wells Fargo & Company declared that its Board of Directors has authorized a stock buyback program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

About Wells Fargo & Company

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

Should You Invest $1,000 in Wells Fargo & Company Right Now?

Before you consider Wells Fargo & Company, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wells Fargo & Company wasn't on the list.

While Wells Fargo & Company currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Ten Starter Stocks For Beginners to Buy Now Cover

Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Palantir & AMD Earnings: Massive Options Setups Ahead
3 Value Plays Set to Explode
5 Stocks to BUY NOW in August 2025

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines