ING Groep NV Has $9.35 Million Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• ING Groep NV raised its stake in Wells Fargo by 16.0% during Q1, owning 130,251 shares worth approximately $9.35 million.
• Wells Fargo reported $1.54 earnings per share (EPS) for the last quarter, exceeding estimates by $0.13, with revenues of $20.82 billion.
• The company announced an increase in its dividend from $0.40 to $0.45 per share, representing a 2.3% yield, and a $40 billion share buyback plan.

ING Groep NV grew its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 16.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 130,251 shares of the financial services provider's stock after buying an additional 17,972 shares during the quarter. ING Groep NV's holdings in Wells Fargo & Company were worth $9,351,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Earned Wealth Advisors LLC lifted its holdings in Wells Fargo & Company by 80.9% during the first quarter. Earned Wealth Advisors LLC now owns 7,861 shares of the financial services provider's stock worth $564,000 after buying an additional 3,515 shares during the period. SGL Investment Advisors Inc. increased its position in shares of Wells Fargo & Company by 15.8% during the first quarter. SGL Investment Advisors Inc. now owns 4,123 shares of the financial services provider's stock worth $302,000 after purchasing an additional 562 shares in the last quarter. Allianz SE raised its stake in Wells Fargo & Company by 22.6% in the 1st 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. Raiffeisen Bank International AG raised its stake in Wells Fargo & Company by 41.2% in the 1st quarter. Raiffeisen Bank International AG now owns 39,957 shares of the financial services provider's stock worth $2,825,000 after acquiring an additional 11,660 shares during the last quarter. Finally, Argent Trust Co raised its stake in Wells Fargo & Company by 2.8% in the 1st quarter. Argent Trust Co now owns 88,801 shares of the financial services provider's stock worth $6,375,000 after acquiring an additional 2,434 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on WFC shares. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Bank of America raised 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 note on Wednesday, June 4th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Finally, Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $0.36 during midday trading on Wednesday, reaching $77.60. The stock had a trading volume of 14,154,500 shares, compared to its average volume of 18,974,708. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The firm's fifty day simple moving average is $78.73 and its 200-day simple moving average is $74.95. 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 stock has a market capitalization of $252.53 billion, a P/E ratio of 13.29, a PEG ratio of 1.21 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate 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 revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 8th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 27.40%.

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

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.