Wells Fargo & Company $WFC Stake Raised by Allstate Corp

Key Points

• Allstate Corp raised its stake in Wells Fargo & Company by 17.5% in Q1, now owning over 119,000 shares valued at approximately $8.57 million.
• Wells Fargo recently announced a quarterly dividend increase to $0.45, reflecting a boost from its previous payout, and has a current annualized yield of 2.3%.
• Analysts' ratings on Wells Fargo range from "hold" to "sell," with a consensus rating of "Moderate Buy" and a price target of $81.58.

Allstate Corp increased its stake in Wells Fargo & Company (NYSE:WFC) by 17.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,305 shares of the financial services provider's stock after purchasing an additional 17,726 shares during the quarter. Allstate Corp's holdings in Wells Fargo & Company were worth $8,565,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the business. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Accent Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the 1st quarter valued at approximately $29,000. Motco grew its position in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 326 shares during the period. Parvin Asset Management LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth $32,000. Finally, Stone House Investment Management LLC bought a new position in shares of Wells Fargo & Company during the first quarter valued at $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on WFC shares. TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Wall Street Zen cut shares of Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $77.7560 on Friday. The company has a market capitalization of $249.09 billion, a PE ratio of 13.31, a P/E/G ratio of 1.22 and a beta of 1.20. The firm has a fifty day simple moving average of $79.42 and a 200 day simple moving average of $74.97. 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 twelve month low of $50.22 and a twelve month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter last year, the firm posted $1.33 earnings per share. The company's revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be issued a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. Wells Fargo & Company's payout ratio is 30.82%.

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

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.

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