SummitTX Capital L.P. Takes $1.96 Million Position in Wells Fargo & Company $WFC

Key Points

• SummitTX Capital acquired 24,650 Wells Fargo shares during the first quarter, representing a new position valued at approximately $1.96 million.
• Institutional ownership remains substantial at 75.9%, with major investors including Norges Bank, UBS Asset Management, Mawer Investment Management and Capital Research Global Investors adding to or initiating positions.
• Analysts give Wells Fargo a consensus “Moderate Buy” rating with a $98.50 target price. The company also raised its quarterly dividend to $0.50 per share, implying a 2.3% annual yield.

SummitTX Capital L.P. bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,650 shares of the financial services provider's stock, valued at approximately $1,962,000.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $4,512,563,000. Mawer Investment Management Ltd. increased its stake in shares of Wells Fargo & Company by 177.7% in the 4th quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider's stock valued at $454,455,000 after acquiring an additional 3,120,399 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Wells Fargo & Company by 13.0% in 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 valued at $1,922,257,000 after acquiring an additional 2,369,260 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at $173,651,000. Finally, Capital Research Global Investors lifted its position in shares of Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock valued at $3,487,687,000 after acquiring an additional 1,760,484 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on WFC shares. JPMorgan Chase & Co. raised their price target on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the stock a "neutral" rating in a report on Monday, July 6th. Bank of America upped their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Morgan Stanley increased their price objective on shares of 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. Piper Sandler restated an "overweight" rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.50.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $86.86 on Wednesday. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $83.22 and a 200-day moving average price of $83.30. The company has a market cap of $265.82 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's payout ratio is currently 26.16%.

Wells Fargo & 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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