Wells Fargo & Company $WFC Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP has reduced its stake in Wells Fargo by 0.1%, now holding approximately 3.28 million shares, making it the firm's 25th largest holding.
• Wells Fargo recently declared a quarterly dividend of $0.45, increasing from $0.40, which gives an annualized yield of 2.3%.
• The company reported earnings of $1.54 per share for the last quarter, surpassing analysts' expectations, and has initiated a $40 billion share repurchase plan indicating belief in shareholder value.

Korea Investment CORP lessened its stake in Wells Fargo & Company (NYSE:WFC) by 0.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,282,327 shares of the financial services provider's stock after selling 4,482 shares during the quarter. Wells Fargo & Company accounts for about 0.6% of Korea Investment CORP's portfolio, making the stock its 25th largest holding. Korea Investment CORP owned about 0.10% of Wells Fargo & Company worth $235,638,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BNP Paribas acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after buying an additional 326 shares during the period. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $29,000. Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $32,000. Finally, Stone House Investment Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

WFC stock opened at $77.09 on Monday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The business has a 50 day simple moving average of $79.21 and a 200-day simple moving average of $74.94. The firm has a market capitalization of $246.95 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83.

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

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Wells Fargo & Company announced that its board has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on WFC. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Bank of America upped their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. TD Cowen began coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. Finally, Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $81.58.

About Wells Fargo & Company

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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