Wells Fargo & Company $WFC Shares Bought by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management increased its stake in Wells Fargo by 34% in the fourth quarter, buying 16,949 additional shares and bringing its total holding to 66,868 shares worth about $6.23 million.
• Institutional ownership remains heavy, with about 75.9% of Wells Fargo shares held by institutional investors and hedge funds. Several other firms also boosted their positions during the latest reporting period.
• Wall Street sentiment is generally positive: Wells Fargo has a consensus rating of “Moderate Buy” with a target price of $97.53, while the stock recently traded at $81.50 after a 3.6% move higher.

Harvest Fund Management Co. Ltd boosted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 34.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 66,868 shares of the financial services provider's stock after purchasing an additional 16,949 shares during the period. Harvest Fund Management Co. Ltd's holdings in Wells Fargo & Company were worth $6,232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Diversified Trust Co. boosted its stake in shares of Wells Fargo & Company by 59.7% during the 4th quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider's stock worth $3,289,000 after acquiring an additional 13,196 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Wells Fargo & Company by 19.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider's stock worth $49,610,000 after acquiring an additional 84,902 shares in the last quarter. Swiss Life Asset Management Ltd boosted its stake in shares of Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock worth $32,673,000 after acquiring an additional 14,168 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Wells Fargo & Company by 54.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 38,088 shares of the financial services provider's stock worth $3,224,000 after acquiring an additional 13,393 shares in the last quarter. Finally, Firetrail Investments PTY Ltd. purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $4,807,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFC has been the topic of several recent analyst reports. Morgan Stanley lowered their target price on shares of Wells Fargo & Company from $108.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 31st. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a research note on Thursday, March 26th. They issued a "buy" rating and a $100.00 price target on the stock. Finally, Barclays decreased their price target on shares of Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.53.

Wells Fargo & Company Trading Up 3.6%

Shares of Wells Fargo & Company stock opened at $81.50 on Friday. The firm has a market capitalization of $249.41 billion, a PE ratio of 12.58, a P/E/G ratio of 0.92 and a beta of 0.93. Wells Fargo & Company has a twelve month low of $71.93 and a twelve month high of $97.76. The firm's 50-day moving average price is $79.16 and its 200 day moving average price is $84.72. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. Wells Fargo & Company's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $1.39 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 6.84 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company's dividend payout ratio is presently 27.78%.

Wells Fargo & Company News Summary

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Several reports said Wall Street remains bullish on Wells Fargo after the CEO offered a strong outlook, with 69% of covering analysts rating the stock a Buy and the average price target implying substantial upside. Street Bullish on Wells Fargo & Company (WFC) After CEO Offered Strong Outlook
• Positive Sentiment: Bank of America said Wells Fargo shares may be at an attractive entry point, arguing that the stock’s recent pullback looks larger than the deterioration in fundamentals and could appeal to value-focused investors. Wells Fargo shares at attractive entry point amid execution concerns
• Positive Sentiment: Investor interest has also picked up, with Zacks noting WFC has become a trending stock as market participants look for a buy case in the shares. Is Trending Stock Wells Fargo & Company (WFC) a Buy Now?
• Neutral Sentiment: Wells Fargo also drew attention for consumer-focused homebuying research and broader financial wellness commentary, but these items are more informational than directly material to near-term earnings. Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren't and Don't Know It

About Wells Fargo & Company

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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