Quantitative Investment Management LLC Buys New Stake in Wells Fargo & Company $WFC

Quantitative Investment Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 41,950 shares of the financial services provider's stock, valued at approximately $3,466,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $4,512,563,000. Legal & General Group Plc purchased a new position in shares of Wells Fargo & Company during the second quarter worth approximately $1,635,881,000. Bank of New York Mellon Corp purchased a new position in shares of Wells Fargo & Company during the second quarter worth approximately $1,364,923,000. Deutsche Bank AG acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at $859,431,000. Finally, Pzena Investment Management LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter valued at $729,502,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 0.1%

WFC stock opened at $86.62 on Monday. The stock has a market capitalization of $261.94 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92. The company has a fifty day moving average of $86.27 and a 200-day moving average of $82.63. 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 one year low of $72.78 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The business 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 business's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.60 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 7th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's payout ratio is presently 29.07%.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Analyst Upgrades and Downgrades

Several research analysts have issued reports on WFC shares. Robert W. Baird raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Bank of America raised their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. UBS Group dropped their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. JPMorgan Chase & Co. upped their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley increased their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company 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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