Skandinaviska Enskilda Banken AB publ Has $80.03 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its stake in **Wells Fargo & Company** by **44.3%**, now holding over **1.1 million shares** valued at approximately **$80 million**.
• Wells Fargo reported earnings of **$1.54 per share**, exceeding expectations, with revenues for the quarter at **$20.82 billion**, marking a **0.6% year-over-year increase**.
• The company has initiated a **$40 billion share buyback** program, allowing for the repurchase of up to **17.2%** of its outstanding shares, indicating management's belief that the stock is undervalued.

Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 44.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,113,710 shares of the financial services provider's stock after acquiring an additional 341,793 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Wells Fargo & Company were worth $80,031,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Parvin Asset Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Dunhill Financial LLC increased its stake in shares of Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after purchasing an additional 193 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $35,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wall Street Zen lowered Wells Fargo & Company from a "hold" rating to a "sell" rating in a report on Saturday. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Truist Financial increased their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Bank of America lifted their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $80.39.

Wells Fargo & Company Trading Up 0.4%

Shares of WFC stock traded up $0.38 during mid-day trading on Friday, reaching $84.25. 14,071,803 shares of the stock traded hands, compared to its average volume of 19,653,194. The stock's fifty day simple moving average is $77.86 and its two-hundred day simple moving average is $74.61. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $84.83. The company has a market cap of $274.15 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.31 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

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

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.90%. Wells Fargo & Company's dividend payout ratio (DPR) is 27.40%.

Wells Fargo & Company declared that its board has initiated a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

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.