Wells Fargo & Company $WFC Shares Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments increased its Wells Fargo stake by 11.7% in the second quarter, adding 72,085 shares to reach 687,060 shares valued at approximately $56.8 million. Institutional investors and hedge funds collectively own 75.9% of WFC.
• Analyst sentiment remains positive, with Wells Fargo carrying a consensus “Moderate Buy” rating and an average price target of $98.61.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 in EPS and $22.62 billion in revenue. The bank also raised its quarterly dividend to $0.50 per share, equivalent to a 2.3% annual yield.

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 11.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 687,060 shares of the financial services provider's stock after purchasing an additional 72,085 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Wells Fargo & Company were worth $56,779,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC increased its holdings in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares in the last quarter. Jump Financial LLC raised its position in Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after acquiring an additional 2,615 shares during the period. Main Street Financial Solutions LLC lifted its holdings in Wells Fargo & Company by 111.0% during the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock valued at $1,122,000 after purchasing an additional 7,368 shares in the last quarter. Vivaldi Capital Management LP lifted its holdings in Wells Fargo & Company by 5.4% during the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock valued at $259,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its position in shares of Wells Fargo & Company by 51.2% in the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after purchasing an additional 8,714 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. 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 upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Robert W. Baird boosted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Trading Down 1.4%

Shares of WFC opened at $87.55 on Tuesday. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm's fifty day moving average is $85.86 and its two-hundred day moving average is $83.05. The stock has a market cap of $264.75 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.60 earnings per share. Research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

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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