Theleme Partners LLP Takes Position in Wells Fargo & Company (NYSE:WFC)

Theleme Partners LLP acquired a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,663,000 shares of the financial services provider's stock, valued at approximately $187,049,000. Wells Fargo & Company accounts for 12.5% of Theleme Partners LLP's holdings, making the stock its 3rd biggest holding. Theleme Partners LLP owned 0.08% of Wells Fargo & Company as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. Finally, Rakuten Securities Inc. boosted its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded down $0.64 during mid-day trading on Tuesday, hitting $75.42. 10,653,194 shares of the stock traded hands, compared to its average volume of 17,481,258. The company has a market cap of $245.43 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $69.88 and a two-hundred day simple moving average of $72.69.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period last year, the firm posted $1.20 earnings per share. The business's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

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

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.12%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, April 7th. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday, April 14th. TD Cowen began coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 target price for the company. Citigroup decreased their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Finally, Piper Sandler cut their price objective on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.

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.