Royal London Asset Management Ltd. Has $124.18 Million Stock Position in Wells Fargo & Company $WFC

Key Points

• Royal London Asset Management reduced its Wells Fargo position by 1.8% in the second quarter, selling 27,990 shares and retaining 1.50 million shares valued at approximately $124.2 million. Institutional investors collectively own 75.9% of WFC.
• Wells Fargo reported quarterly earnings of $1.96 per share, exceeding the $1.73 consensus estimate, while revenue rose 8.6% year over year to $22.62 billion.
• 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.

Royal London Asset Management Ltd. lessened its position in Wells Fargo & Company (NYSE:WFC) by 1.8% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,502,670 shares of the financial services provider's stock after selling 27,990 shares during the period. Royal London Asset Management Ltd.'s holdings in Wells Fargo & Company were worth $124,181,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Mufg Securities Americas Inc. lifted its holdings in shares of Wells Fargo & Company by 8.8% in the 2nd quarter. Mufg Securities Americas Inc. now owns 101,193 shares of the financial services provider's stock worth $8,363,000 after purchasing an additional 8,150 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its stake in shares of Wells Fargo & Company by 5.6% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 19,079 shares of the financial services provider's stock valued at $1,577,000 after buying an additional 1,009 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Wells Fargo & Company by 40.6% in the second quarter. Van ECK Associates Corp now owns 481,098 shares of the financial services provider's stock valued at $39,758,000 after buying an additional 138,966 shares in the last quarter. Nissay Asset Management Corp Japan grew its holdings in shares of Wells Fargo & Company by 1.6% during the second quarter. Nissay Asset Management Corp Japan now owns 409,004 shares of the financial services provider's stock valued at $33,800,000 after buying an additional 6,411 shares during the last quarter. Finally, Field & Main Bank bought a new stake in shares of Wells Fargo & Company during the second quarter worth about $669,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.62 on Friday. The business's 50 day simple moving average is $86.27 and its 200 day simple moving average is $82.71. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The company has a market cap of $261.94 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced 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 during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 EPS. Sell-side analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend 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 dividend payout ratio is presently 29.07%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Morgan Stanley upped their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Robert W. Baird increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their target price 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. 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.61.

More Wells Fargo & Company News

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

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source