Wells Fargo & Company $WFC Position Raised by Legal & General Group Plc

Key Points

• Legal & General Group Plc increased its stake in Wells Fargo by 1.9% in Q3, owning 21,009,237 shares (about 0.67% of the company) after buying 399,088 shares, a position valued at roughly $1.76 billion.
• Wells Fargo beat quarterly EPS estimates ($1.76 vs. $1.66) while missing revenue expectations ($21.29B vs. $21.63B), with revenue up 4.5% year-over-year and analysts projecting $5.89 in EPS for the current year.
• The company pays a $0.45 quarterly dividend (annual $1.80, ~2.3% yield) and trades at a PE of 12.56 with a market cap near $243B; insiders sold about 115,000 shares (~$10.05M) over the past 90 days.

Legal & General Group Plc boosted its position in Wells Fargo & Company (NYSE:WFC) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,009,237 shares of the financial services provider's stock after purchasing an additional 399,088 shares during the period. Legal & General Group Plc owned approximately 0.67% of Wells Fargo & Company worth $1,760,994,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $3,990,551,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Wells Fargo & Company by 54.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider's stock valued at $1,332,851,000 after buying an additional 5,894,747 shares during the period. M&G PLC boosted its stake in Wells Fargo & Company by 320.3% during the third quarter. M&G PLC now owns 2,946,277 shares of the financial services provider's stock valued at $247,487,000 after buying an additional 2,245,307 shares in the last quarter. Amundi boosted its stake in Wells Fargo & Company by 18.2% during the second quarter. Amundi now owns 14,155,753 shares of the financial services provider's stock valued at $1,165,868,000 after buying an additional 2,180,693 shares in the last quarter. Finally, Laurel Wealth Advisors LLC grew its holdings in Wells Fargo & Company by 8,010.7% during the second quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider's stock worth $158,135,000 after acquiring an additional 1,949,395 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Down 2.1%

Shares of Wells Fargo & Company stock opened at $78.76 on Tuesday. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $97.76. The firm has a market capitalization of $243.03 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. The stock's fifty day moving average is $89.15 and its 200-day moving average is $86.66.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.10. The business had revenue of $21.29 billion during the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.Wells Fargo & Company's revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $1.43 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, March 1st. Shareholders of record on Friday, February 6th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company's dividend payout ratio is currently 28.71%.

Insiders Place Their Bets

In related news, EVP Kleber Santos sold 25,000 shares of the company's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total value of $2,193,000.00. Following the completion of the sale, the executive vice president owned 79,876 shares in the company, valued at approximately $7,006,722.72. This represents a 23.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ellen R. Patterson sold 60,000 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the completion of the sale, the executive vice president owned 169,496 shares of the company's stock, valued at approximately $14,813,950.40. This trade represents a 26.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 115,000 shares of company stock worth $10,050,000 over the last ninety days. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

WFC has been the topic of several research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Wednesday, January 21st. TD Cowen reduced their price objective on shares of Wells Fargo & Company from $102.00 to $100.00 and set a "hold" rating for the company in a research report on Thursday, January 15th. Truist Financial lowered their price objective on shares of Wells Fargo & Company from $104.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, January 15th. UBS Group reiterated a "buy" rating and issued a $113.00 target price on shares of Wells Fargo & Company in a report on Wednesday, February 4th. Finally, Robert W. Baird raised shares of Wells Fargo & Company from an "underperform" rating to a "neutral" rating and set a $85.00 target price for the company in a research note on Friday, February 13th. Thirteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.03.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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