United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Has $7.76 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• United Super Pty Ltd increased its holdings in Wells Fargo & Company by 1,127.8% in the first quarter, owning 108,045 shares valued at approximately $7.76 million.
• The company's Board of Directors has authorized a $40 billion share buyback plan, indicating confidence in the stock's current value.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, up from $0.40, reflecting a solid annualized yield of 2.3%.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 1,127.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 108,045 shares of the financial services provider's stock after purchasing an additional 99,245 shares during the quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in Wells Fargo & Company were worth $7,757,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its holdings in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Wells Fargo & Company by 28.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,846,015 shares of the financial services provider's stock worth $199,904,000 after acquiring an additional 626,791 shares during the last quarter. Westpac Banking Corp grew its holdings in Wells Fargo & Company by 168.2% during the 4th quarter. Westpac Banking Corp now owns 30,131 shares of the financial services provider's stock worth $2,116,000 after acquiring an additional 18,896 shares during the last quarter. World Investment Advisors grew its holdings in Wells Fargo & Company by 7.3% during the 4th quarter. World Investment Advisors now owns 80,928 shares of the financial services provider's stock worth $5,684,000 after acquiring an additional 5,496 shares during the last quarter. Finally, Arete Wealth Advisors LLC grew its holdings in Wells Fargo & Company by 271.6% during the 4th quarter. Arete Wealth Advisors LLC now owns 24,233 shares of the financial services provider's stock worth $1,673,000 after acquiring an additional 17,712 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 3.5%

Wells Fargo & Company stock opened at $77.80 on Friday. The company's 50 day simple moving average is $78.56 and its 200 day simple moving average is $74.94. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.83. The firm has a market capitalization of $253.18 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.25 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.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter last year, the firm earned $1.33 EPS. Wells Fargo & Company's quarterly revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders 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 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 yield of 2.3%. Wells Fargo & Company's payout ratio is presently 27.40%.

Analyst Ratings Changes

A number of brokerages have commented on WFC. Barclays decreased their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen lowered shares of Wells Fargo & Company from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & 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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