Senator Investment Group LP Buys Shares of 500,000 Wells Fargo & Company $WFC

Key Points

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Senator Investment Group LP bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 500,000 shares of the financial services provider's stock, valued at approximately $35,895,000. Wells Fargo & Company comprises about 1.9% of Senator Investment Group LP's holdings, making the stock its 25th biggest position.

Other large investors have also recently bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth $399,000. Secured Retirement Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth $408,000. RKL Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after purchasing an additional 5,113 shares during the period. Allianz SE lifted its stake in shares of Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Wells Fargo & Company by 12.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after purchasing an additional 70,104 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 0.5%

NYSE:WFC opened at $77.46 on Tuesday. The business's 50-day moving average is $79.23 and its two-hundred day moving average is $74.93. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 12 month low of $50.22 and a 12 month high of $84.83. The firm has a market capitalization of $248.14 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the company posted $1.33 earnings per share. The firm's revenue was up .6% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its board has approved a stock repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WFC. Wall Street Zen lowered Wells Fargo & Company from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Truist Financial increased their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Company Profile

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.

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