TIAA Trust National Association Has $29.68 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• TIAA Trust National Association increased its holdings in Wells Fargo & Company by 32.2%, acquiring an additional 100,726 shares, bringing its total ownership to 413,476 shares valued at approximately $29.68 million.
• Wells Fargo's recent earnings report showed an EPS of $1.54, surpassing analysts' expectations, and the company recently announced a $40 billion share buyback plan, indicating confidence in its stock valuation.
• The firm's quarterly dividend has been increased from $0.40 to $0.45, representing a yield of 2.3%, with an upcoming ex-dividend date of August 8th.

TIAA Trust National Association lifted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 413,476 shares of the financial services provider's stock after acquiring an additional 100,726 shares during the period. TIAA Trust National Association's holdings in Wells Fargo & Company were worth $29,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the 4th quarter worth about $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company during the 4th quarter worth about $28,000. Motco grew its position in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth about $32,000. Finally, Dunhill Financial LLC grew its position in Wells Fargo & Company by 63.7% during the 4th 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. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on WFC shares. Barclays cut their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Bank of America raised their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. One equities 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Stock Down 3.5%

Wells Fargo & Company stock traded down $2.83 during midday trading on Friday, hitting $77.80. 16,070,055 shares of the stock were exchanged, compared to its average volume of 19,314,816. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $84.83. The firm has a market cap of $253.18 billion, a P/E ratio of 13.32, a P/E/G ratio of 1.21 and a beta of 1.20. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The company has a 50 day moving average price of $78.56 and a two-hundred day moving average price of $74.93.

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

Wells Fargo & Company announced that its board has approved a stock repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is currently 27.40%.

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.