Wells Fargo & Company $WFC Shares Acquired by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC increased its holdings in Wells Fargo & Company by 2.4%, resulting in ownership of 327,735 shares valued at approximately $23.5 million.
• The company's recent quarterly earnings showed earnings per share of $1.54, exceeding analyst expectations, while the revenue amounted to $20.82 billion.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, reflecting a positive change and a yield of 2.2%.

Bridgeway Capital Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 327,735 shares of the financial services provider's stock after acquiring an additional 7,743 shares during the quarter. Wells Fargo & Company comprises about 0.6% of Bridgeway Capital Management LLC's portfolio, making the stock its 12th largest position. Bridgeway Capital Management LLC's holdings in Wells Fargo & Company were worth $23,528,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Banque Transatlantique SA purchased a new position in shares of Wells Fargo & Company during the 1st quarter valued at about $714,000. Advisors Asset Management Inc. raised its stake in shares of Wells Fargo & Company by 0.7% during the 1st quarter. Advisors Asset Management Inc. now owns 55,584 shares of the financial services provider's stock valued at $3,990,000 after buying an additional 404 shares during the last quarter. AlTi Global Inc. raised its stake in shares of Wells Fargo & Company by 3.3% during the 1st quarter. AlTi Global Inc. now owns 5,432 shares of the financial services provider's stock valued at $390,000 after buying an additional 172 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Wells Fargo & Company by 85.7% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,427,106 shares of the financial services provider's stock valued at $102,452,000 after buying an additional 658,654 shares during the last quarter. Finally, Aprio Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 20.9% during the 1st quarter. Aprio Wealth Management LLC now owns 5,728 shares of the financial services provider's stock valued at $411,000 after buying an additional 990 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WFC shares. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $82.56.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $1.31 during mid-day trading on Thursday, reaching $81.82. 10,821,148 shares of the stock traded hands, compared to its average volume of 12,457,157. The business has a 50-day moving average of $80.55 and a 200 day moving average of $75.08. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The stock has a market capitalization of $262.09 billion, a PE ratio of 14.01, a PEG ratio of 1.25 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The business's revenue was up .6% compared to the same quarter last year. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company's payout ratio is currently 30.82%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.