Wells Fargo & Company $WFC Shares Bought by Regal Partners Ltd

Key Points

• Regal Partners increased its Wells Fargo stake by 9.8% in the first quarter, purchasing 58,976 additional shares for a total of 663,572 shares valued at approximately $52.8 million. Institutional investors collectively own 75.9% of Wells Fargo’s stock.
• Analysts maintain a generally positive outlook, with Wells Fargo receiving an average “Moderate Buy” rating and an average price target of $98.50. Recent targets range from $94 to $104.
• Wells Fargo raised its quarterly dividend to $0.50 per share from $0.45, equating to an annualized dividend of $2.00 and a yield of about 2.3%.

Regal Partners Ltd grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 663,572 shares of the financial services provider's stock after buying an additional 58,976 shares during the quarter. Wells Fargo & Company accounts for approximately 2.9% of Regal Partners Ltd's holdings, making the stock its 11th biggest holding. Regal Partners Ltd's holdings in Wells Fargo & Company were worth $52,827,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several research firms have commented on WFC. Piper Sandler reaffirmed an "overweight" rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. UBS Group decreased their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Bank of America lifted their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday, June 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $98.50.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.86 on Wednesday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day moving average price of $83.22 and a 200 day moving average price of $83.30. The company has a market cap of $265.82 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 0.95 and a beta of 0.92.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio (DPR) is 26.16%.

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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