Wells Fargo & Company $WFC Shares Bought by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp increased its Wells Fargo stake by 22.9% in the first quarter, adding 43,416 shares to bring its total to 233,302 shares worth about $18.6 million.
• Wells Fargo shares were trading around $86.39, near the middle of their 52-week range, with the stock showing a market cap of $264.37 billion and a dividend yield of about 2.1%.
• Analysts are mostly constructive on the bank: Wells Fargo has an average rating of Moderate Buy and a consensus price target of $98.50, with several firms recently raising their targets or upgrading the stock.

OMERS ADMINISTRATION Corp raised its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 22.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 233,302 shares of the financial services provider's stock after purchasing an additional 43,416 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Wells Fargo & Company were worth $18,573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Navalign LLC acquired a new position in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. Finally, Core Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the fourth quarter valued at approximately $29,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.2%

NYSE WFC opened at $86.39 on Friday. The stock has a market cap of $264.37 billion, a P/E ratio of 12.56, a PEG ratio of 0.94 and a beta of 0.92. The company's fifty day simple moving average is $82.72 and its 200-day simple moving average is $83.51. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.

Wells Fargo & Company Announces Dividend

The company 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 2.1%. Wells Fargo & Company's payout ratio is currently 26.16%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the stock a "neutral" rating in a research report on Monday, July 6th. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. HSBC upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target for the company in a report on Wednesday, April 1st. Finally, Truist Financial raised their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average price target of $98.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.