Swedbank AB Raises Stake in Wells Fargo & Company $WFC

Key Points

• Swedbank AB increased its stake in Wells Fargo & Company by 3.8%, owning 783,197 shares worth approximately $56.2 million as of its latest SEC filing.
• Wells Fargo reported $1.54 earnings per share for the last quarter, exceeding estimates by $0.13, with revenues of $20.82 billion.
• The company enhanced its quarterly dividend to $0.45 per share, up from $0.40, reflecting a 2.2% dividend yield.

Swedbank AB increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 3.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 783,197 shares of the financial services provider's stock after acquiring an additional 28,665 shares during the period. Swedbank AB's holdings in Wells Fargo & Company were worth $56,226,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter worth approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after acquiring an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter worth approximately $408,000. RKL Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after acquiring an additional 5,113 shares during the last quarter. Finally, Allianz SE boosted its position in shares of Wells Fargo & Company by 22.6% in the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after acquiring an additional 39,150 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. 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. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Trading Up 0.3%

WFC opened at $81.46 on Friday. The firm has a market capitalization of $260.95 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.26 and a beta of 1.25. The firm's 50 day moving average is $80.38 and its 200-day moving average is $75.16. Wells Fargo & Company has a 52-week low of $51.75 and a 52-week high of $84.83. 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 posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 earnings per share. Analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's payout ratio is 30.82%.

About Wells Fargo & Company

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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