Wells Fargo & Company $WFC Shares Purchased by MML Investors Services LLC

Key Points

• MML Investors Services LLC boosted its Wells Fargo stake by 6.8% in the fourth quarter, buying 37,409 additional shares and lifting its holdings to 590,838 shares valued at about $55.1 million.
• Institutional ownership in Wells Fargo remains heavy, with several major investors increasing positions; the article says 75.90% of the stock is owned by hedge funds and other institutional investors.
• Analyst sentiment is mixed but generally positive: Wells Fargo has a consensus rating of “Moderate Buy” with an average price target of $97.53, while the shares recently traded around $83.18.

MML Investors Services LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 590,838 shares of the financial services provider's stock after buying an additional 37,409 shares during the period. MML Investors Services LLC's holdings in Wells Fargo & Company were worth $55,066,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $4,512,563,000. Capital Research Global Investors increased its stake in Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after buying an additional 1,760,484 shares during the period. Legal & General Group Plc increased its stake in Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock worth $1,975,600,000 after buying an additional 188,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Wells Fargo & Company by 13.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock worth $1,922,257,000 after buying an additional 2,369,260 shares during the period. Finally, Boston Partners increased its stake in Wells Fargo & Company by 5.2% during the 4th quarter. Boston Partners now owns 9,606,215 shares of the financial services provider's stock worth $895,466,000 after buying an additional 477,745 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on WFC shares. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday. Piper Sandler reissued an "overweight" rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. 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. JPMorgan Chase & Co. dropped their price objective on shares of Wells Fargo & Company from $91.00 to $86.50 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Finally, Evercore reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $97.53.

More Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo was named the preferred mortgage lender for ICON’s 3D-printed homes, a partnership that could expand its role in affordable housing finance and create a new source of mortgage business. Wells Fargo Ties 3D Printed Home Lending To Housing Affordability Story
• Positive Sentiment: The arrangement with ICON highlights Wells Fargo’s push into innovative housing solutions, which may help support long-term mortgage origination growth if 3D-printed homebuilding gains traction. Wells Fargo Named as ICON Preferred Mortgage Lender to Support 3D‑Printed Homes
• Neutral Sentiment: Wells Fargo and the NAHB reported that U.S. homebuilder sentiment fell to 35 in June, reflecting pressure from elevated mortgage rates and higher materials costs. That is more a sign of a tougher housing market than a direct company-specific setback. U.S. Homebuilder Sentiment Slips as Mortgage Rates Remain Elevated
• Neutral Sentiment: Another NAHB/Wells Fargo survey showed homebuilder confidence weakening slightly more than expected in June, reinforcing the cautious backdrop for housing demand. U.S. Homebuilder Confidence Dips Slightly More Than Expected In June
• Negative Sentiment: Rising mortgage rates and softer builder sentiment could weigh on housing-related lending volumes, limiting near-term upside for Wells Fargo’s mortgage franchise. US Homebuilder Sentiment Falls, Driven by Drop in South

Wells Fargo & Company Trading Down 0.7%

Shares of NYSE:WFC opened at $83.18 on Tuesday. Wells Fargo & Company has a 52 week low of $72.30 and a 52 week high of $97.76. The company's 50 day moving average is $79.61 and its two-hundred day moving average is $84.65. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The company has a market cap of $254.56 billion, a PE ratio of 12.84, a P/E/G ratio of 0.98 and a beta of 0.93.

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

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.45 per share. 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 currently 27.78%.

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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