Taikang Asset Management Hong Kong Co Ltd Invests $4.43 Million in Wells Fargo & Company $WFC

Key Points

• Taikang Asset Management Hong Kong Co Ltd invested approximately $4.43 million in Wells Fargo, acquiring 61,721 shares of the financial services provider's stock during the first quarter.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, indicating an increase from the previous dividend of $0.40, which represents a 2.3% yield.
• Wells Fargo has a consensus rating of "Moderate Buy" from analysts, with 11 ratings for Buy and 7 for Hold, and an average target price of $81.58.

Taikang Asset Management Hong Kong Co Ltd acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 61,721 shares of the financial services provider's stock, valued at approximately $4,431,000.

Several other hedge funds have also recently added to or reduced their stakes in WFC. Brighton Jones LLC grew its holdings in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares in the last quarter. Nebula Research & Development LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $1,068,000. Capital Analysts LLC grew its holdings in shares of Wells Fargo & Company by 23.4% during the 4th quarter. Capital Analysts LLC now owns 3,999 shares of the financial services provider's stock worth $280,000 after purchasing an additional 759 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Wells Fargo & Company by 13.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 50,072 shares of the financial services provider's stock worth $3,517,000 after purchasing an additional 6,099 shares during the period. Finally, Oxford Asset Management LLP purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $501,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $81.58.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $79.0680 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The firm has a market capitalization of $253.29 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20. The stock's 50-day simple moving average is $79.55 and its 200-day simple moving average is $74.88.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS 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 analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm's revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a positive change 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 presently 30.82%.

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

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