SEB Asset Management AB Takes $64.41 Million Position in Wells Fargo & Company $WFC

Key Points

• SEB Asset Management AB opened a new position in Wells Fargo during the first quarter, buying 809,003 shares valued at about $64.4 million.
• Institutional ownership of Wells Fargo remains high, with 75.9% of shares held by institutions and hedge funds. Several other major investors also recently added to their stakes.
• Wells Fargo has had a positive run of news, including a Q2 earnings beat and a recent upgrade to Zacks Rank #2 (Buy), while analysts’ consensus rating stands at Moderate Buy with a price target of $98.50.

SEB Asset Management AB purchased a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 809,003 shares of the financial services provider's stock, valued at approximately $64,405,000.

A number of other large investors also recently added to or reduced their stakes in WFC. Norges Bank purchased a new position in Wells Fargo & Company during the fourth quarter valued at $4,512,563,000. Capital Research Global Investors increased its stake in shares of Wells Fargo & Company by 4.9% during 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 in the last quarter. Legal & General Group Plc increased its stake in shares of Wells Fargo & Company by 0.9% during 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 position in shares of Wells Fargo & Company by 13.0% during the 4th 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 during the last quarter. Finally, Boston Partners raised its position in shares of Wells Fargo & Company by 5.2% during the 4th quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock worth $895,466,000 after purchasing an additional 477,745 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 0.6%

Shares of Wells Fargo & Company stock opened at $87.52 on Friday. The stock has a market cap of $267.82 billion, a P/E ratio of 12.72, a P/E/G ratio of 0.97 and a beta of 0.92. The stock's 50 day simple moving average is $81.44 and its 200-day simple moving average is $83.77. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 26.16%.

More Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here's What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

Analyst Upgrades and Downgrades

Several research firms recently issued reports on WFC. Barclays lowered their price objective on Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a report on Wednesday, April 15th. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Robert W. Baird raised their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday. KGI Securities lowered Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. Finally, Bank of America boosted their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $98.50.

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.

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.