Wells Fargo & Company (NYSE:WFC) Shares Bought by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group Inc. RI increased its holdings in Wells Fargo & Company by 73.2%, owning 284,194 shares worth approximately $20.4 million as of its latest SEC filing.
• Wells Fargo reported earnings of $1.54 per share for the last quarter, surpassing analysts' expectations, with revenues of $20.82 billion, reflecting a slight year-over-year increase.
• The company announced a quarterly dividend increase from $0.40 to $0.45, translating to an annualized dividend yield of 2.3% and a payout ratio of 27.40%.

Citizens Financial Group Inc. RI boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 73.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 284,194 shares of the financial services provider's stock after purchasing an additional 120,085 shares during the period. Citizens Financial Group Inc. RI's holdings in Wells Fargo & Company were worth $20,402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp raised its position in shares of Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Wells Fargo & Company by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after acquiring an additional 238,131 shares during the period. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Capital World Investors raised its position in shares of Wells Fargo & Company by 0.4% in the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock worth $977,338,000 after acquiring an additional 62,099 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after acquiring an additional 7,894,919 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $77.95 on Wednesday. Wells Fargo & Company has a one year low of $50.22 and a one year high of $84.83. The company has a market cap of $253.66 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 1.21 and a beta of 1.20. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The business's 50 day moving average price is $78.73 and its 200 day moving average price is $74.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter in the prior year, the company posted $1.33 EPS. The business's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

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

Wells Fargo & Company Increases Dividend

The company 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. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is currently 27.40%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of analyst reports. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target 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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