Algebris UK Ltd Increases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• Algebris UK Ltd increased its stake in Wells Fargo by 16.8%, owning approximately 149,713 shares worth $9.95 million at the end of the reporting period.
• Several institutional investors, including Capital Research Global Investors which raised its holdings by 932.0%, have also significantly increased their positions in Wells Fargo, indicating strong investor interest.
• Wells Fargo reported $1.54 EPS in its latest earnings, exceeding estimates, while also announcing a $40 billion stock repurchase plan to buy back up to 17.2% of its shares.

Algebris UK Ltd grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 16.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,713 shares of the financial services provider's stock after buying an additional 21,518 shares during the quarter. Wells Fargo & Company accounts for 1.8% of Algebris UK Ltd's holdings, making the stock its 22nd largest holding. Algebris UK Ltd's holdings in Wells Fargo & Company were worth $9,950,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Federated Hermes Inc. grew its stake in Wells Fargo & Company by 7.2% during the 1st quarter. Federated Hermes Inc. now owns 491,346 shares of the financial services provider's stock worth $35,274,000 after purchasing an additional 32,795 shares in the last quarter. N.E.W. Advisory Services LLC grew its stake in Wells Fargo & Company by 5.0% during the 1st quarter. N.E.W. Advisory Services LLC now owns 29,836 shares of the financial services provider's stock worth $2,142,000 after purchasing an additional 1,420 shares in the last quarter. TCTC Holdings LLC grew its stake in Wells Fargo & Company by 2.0% during the 1st quarter. TCTC Holdings LLC now owns 7,676 shares of the financial services provider's stock worth $551,000 after purchasing an additional 151 shares in the last quarter. Meeder Advisory Services Inc. grew its stake in Wells Fargo & Company by 5.5% during the 1st quarter. Meeder Advisory Services Inc. now owns 64,903 shares of the financial services provider's stock worth $4,659,000 after purchasing an additional 3,387 shares in the last quarter. Finally, Clarendon Private LLC grew its stake in Wells Fargo & Company by 10.0% during the 1st quarter. Clarendon Private LLC now owns 13,269 shares of the financial services provider's stock worth $953,000 after purchasing an additional 1,205 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WFC has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Barclays lowered their target price on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Truist Financial lifted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded down $0.45 during mid-day trading on Tuesday, hitting $82.63. 12,475,945 shares of the company were exchanged, compared to its average volume of 18,737,668. 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 business's 50 day simple moving average is $78.14 and its two-hundred day simple moving average is $74.78. The company has a market capitalization of $268.88 billion, a P/E ratio of 14.15, a PEG ratio of 1.29 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $84.83.

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 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

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 given a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.18%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 27.40%.

Wells Fargo & Company declared that its board has authorized a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board 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.