Wells Fargo & Company $WFC Shares Purchased by Shell Asset Management Co.

Shell Asset Management Co. boosted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 43.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,723 shares of the financial services provider's stock after buying an additional 14,093 shares during the period. Shell Asset Management Co.'s holdings in Wells Fargo & Company were worth $3,743,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after purchasing an additional 949,735,001 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after purchasing an additional 7,894,919 shares during the period. Strs Ohio purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth about $109,643,000. Canada Pension Plan Investment Board raised its holdings in shares of Wells Fargo & Company by 34.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider's stock worth $381,016,000 after purchasing an additional 1,365,629 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock worth $353,668,000 after purchasing an additional 1,152,181 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WFC has been the topic of a number of research reports. Weiss Ratings restated a "hold (c)" rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Evercore ISI raised their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Morgan Stanley downgraded Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $87.00 to $90.00 in a report on Monday, September 29th. Eight research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $85.41.

Wells Fargo & Company Price Performance

WFC stock opened at $81.09 on Wednesday. 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 has a 52-week low of $57.07 and a 52-week high of $86.65. The stock's 50 day moving average is $80.69 and its two-hundred day moving average is $76.42. The company has a market capitalization of $259.75 billion, a PE ratio of 13.88, a P/E/G ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the business earned $1.33 EPS. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. Analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 30.82%.

Wells Fargo & 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.

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