Quarry LP Boosts Stock Position in Wells Fargo & Company $WFC

Key Points

• Quarry LP significantly increased its stake in Wells Fargo by 407.3% during the first quarter, owning 7,782 shares valued at $559,000.
• A number of institutional investors, including BNP Paribas and Motco, have also recently made notable investments in Wells Fargo, reflecting the growing interest in the company.
• Wells Fargo reported earnings of $1.54 per share for its last quarterly earnings, surpassing estimates by $0.13, and announced a dividend hike, raising it from $0.40 to $0.45 per share.

Quarry LP lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 407.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,782 shares of the financial services provider's stock after acquiring an additional 6,248 shares during the quarter. Quarry LP's holdings in Wells Fargo & Company were worth $559,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Saudi Central Bank bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at approximately $93,000. DRW Securities LLC grew its stake in shares of Wells Fargo & Company by 5.4% during the 1st quarter. DRW Securities LLC now owns 110,750 shares of the financial services provider's stock valued at $7,948,000 after acquiring an additional 5,654 shares during the period. Pinnacle Wealth Planning Services Inc. grew its stake in shares of Wells Fargo & Company by 10.5% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 16,428 shares of the financial services provider's stock valued at $1,179,000 after acquiring an additional 1,562 shares during the period. Kodai Capital Management LP grew its stake in shares of Wells Fargo & Company by 454.5% during the 1st quarter. Kodai Capital Management LP now owns 234,311 shares of the financial services provider's stock valued at $16,821,000 after acquiring an additional 192,054 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of Wells Fargo & Company by 8.9% during the 1st quarter. Evergreen Capital Management LLC now owns 29,573 shares of the financial services provider's stock valued at $2,123,000 after acquiring an additional 2,407 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC stock traded up $0.17 on Monday, reaching $82.15. The company's stock had a trading volume of 12,041,152 shares, compared to its average volume of 13,422,870. The stock's fifty day simple moving average is $80.41 and its 200-day simple moving average is $74.98. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $263.17 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.28 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its 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. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the firm posted $1.33 earnings per share. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's payout ratio is 30.82%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WFC shares. Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Truist Financial upped their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $81.58.

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.