Wells Fargo & Company (NYSE:WFC) Stake Raised by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Wells Fargo by 9.9% in the first quarter, now owning 1,264,471 shares valued at approximately $90.8 million.
• Wells Fargo reported $1.54 earnings per share for the recent quarter, exceeding estimates and showing a revenue increase of 0.6% from the previous year.
• The company has approved a $40 billion stock buyback plan, which is seen as an indication that the board believes its shares are undervalued.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 9.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,264,471 shares of the financial services provider's stock after acquiring an additional 113,876 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Wells Fargo & Company were worth $90,776,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of WFC. Capital Research Global Investors lifted its stake in Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after buying an additional 14,210,193 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after purchasing an additional 7,894,919 shares during the period. GAMMA Investing LLC lifted its stake in shares of Wells Fargo & Company by 7,887.9% during the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after purchasing an additional 3,350,605 shares during the period. Northern Trust Corp lifted its stake in shares of Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $198,801,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 1.5%

Shares of Wells Fargo & Company stock traded down $1.29 during trading hours on Monday, hitting $83.03. 10,625,988 shares of the company's stock traded hands, compared to its average volume of 19,290,604. The stock has a 50 day simple moving average of $77.86 and a 200-day simple moving average of $74.63. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market cap of $270.19 billion, a PE ratio of 14.66, a PEG ratio of 1.31 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $84.83.

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 EPS 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 analysts' expectations of $20.83 billion. During the same quarter last year, the company posted $1.33 earnings per share. The company's quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has approved a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.93%. Wells Fargo & Company's payout ratio is 27.40%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen downgraded Wells Fargo & Company from a "hold" rating to a "sell" rating in a report on Saturday. Truist Financial upped their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Morgan Stanley upped their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" 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 issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $80.39.

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.