Wells Fargo & Company (NYSE:WFC) Shares Purchased by MGO One Seven LLC

Key Points

• MGO One Seven LLC increased its stake in Wells Fargo by 14.7% in Q1, owning 31,658 shares valued at $2.27 million.
• Wells Fargo reported $1.54 earnings per share in its latest quarter, surpassing expectations, along with a revenue of $20.82 billion.
• The company declared a quarterly dividend of $0.45 per share, representing a yield of 2.3%, an increase from the previous dividend of $0.40.

MGO One Seven LLC boosted its stake in Wells Fargo & Company (NYSE:WFC) by 14.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,658 shares of the financial services provider's stock after acquiring an additional 4,068 shares during the quarter. MGO One Seven LLC's holdings in Wells Fargo & Company were worth $2,273,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of WFC. Capital Research Global Investors increased its holdings in Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Wells Fargo & Company by 277.4% during 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 buying an additional 7,894,919 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after buying an additional 3,350,605 shares during the last quarter. Northern Trust Corp increased its stake 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 buying an additional 3,307,855 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $198,801,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 3.5%

Shares of Wells Fargo & Company stock opened at $77.80 on Friday. 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 has a 1-year low of $50.15 and a 1-year high of $84.83. The business's fifty day moving average price is $78.56 and its two-hundred day moving average price is $74.94. The company has a market capitalization of $253.18 billion, a P/E ratio of 13.32, a PEG ratio of 1.25 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 earnings per share. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company 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 dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. 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. Wells Fargo & Company's dividend payout ratio is 27.40%.

Wells Fargo & Company announced that its board has approved a share buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Bank of America lifted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Morgan Stanley boosted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

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.

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