QRG Capital Management Inc. Has $48.19 Million Holdings in Wells Fargo & Company $WFC

Key Points

• QRG Capital Management increased its Wells Fargo stake by 4.5% in the second quarter, adding 25,124 shares to own 583,082 shares valued at approximately $48.19 million. Institutional investors collectively hold 75.9% of Wells Fargo’s stock.
• Wells Fargo reported quarterly earnings of $1.96 per share, beating estimates of $1.73, while revenue rose 8.6% year over year to $22.62 billion. The company also raised its quarterly dividend to $0.50 per share, equivalent to a 2.3% annual yield.
• Analysts maintain a generally positive outlook, with Wells Fargo carrying a “Moderate Buy” consensus rating and an average price target of $98.61, compared with a recent share price of $88.13.

QRG Capital Management Inc. raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 583,082 shares of the financial services provider's stock after acquiring an additional 25,124 shares during the quarter. QRG Capital Management Inc.'s holdings in Wells Fargo & Company were worth $48,186,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank purchased a new position in Wells Fargo & Company in the fourth quarter valued at about $4,512,563,000. Capital Research Global Investors grew its stake in shares of Wells Fargo & Company by 4.9% in the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock valued at $3,487,687,000 after buying an additional 1,760,484 shares in the last quarter. Legal & General Group Plc increased 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 buying an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 buying an additional 2,369,260 shares during the last quarter. Finally, Amundi raised its position in Wells Fargo & Company by 73.0% during the first quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock valued at $1,310,663,000 after acquiring an additional 6,944,316 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 0.9%

Shares of Wells Fargo & Company stock opened at $88.13 on Friday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average price of $85.60 and a two-hundred day moving average price of $83.06. The stock has a market capitalization of $266.51 billion, a P/E ratio of 12.81, a PEG ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.60 earnings per share. Equities analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on WFC shares. KGI Securities cut shares of Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Truist Financial raised their price target 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. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a research report 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 given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $98.61.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Investors have been rotating from high-flying artificial-intelligence stocks into financial shares, creating broader momentum for banks such as Wells Fargo. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s investment case is strengthened by the expected removal of its asset cap, potential net-interest-income growth and shareholder capital returns. The stock has gained 20.5% over three months, though investors are evaluating whether that momentum can continue. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Positive Sentiment: The bank’s tokenized-deposit launch for corporate and commercial clients could expand payment and settlement capabilities, while new debt and preferred-share offerings support its broader post-asset-cap investment strategy. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?

About Wells Fargo & Company

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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