WINTON GROUP Ltd Acquires New Holdings in Wells Fargo & Company $WFC

Key Points

• WINTON GROUP Ltd acquired 196,739 Wells Fargo shares worth approximately $16.3 million in the second quarter, making WFC its 25th-largest holding and representing 0.5% of its portfolio.
• Wells Fargo reported strong quarterly results, with EPS of $1.96 beating estimates of $1.73 and revenue rising 8.6% year over year to $22.62 billion.
• The bank increased its quarterly dividend from $0.45 to $0.50 per share, while analysts maintained a “Moderate Buy” consensus with an average price target of $98.61.

WINTON GROUP Ltd bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 196,739 shares of the financial services provider's stock, valued at approximately $16,259,000. Wells Fargo & Company accounts for 0.5% of WINTON GROUP Ltd's holdings, making the stock its 25th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Godfrey Financial Associates Inc. bought a new stake in Wells Fargo & Company during the fourth quarter valued at about $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company in the fourth quarter worth about $25,000. Navalign LLC bought a new position in Wells Fargo & Company in the fourth quarter worth about $26,000. Core Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $29,000. Finally, Strive Financial Group LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

More Wells Fargo & Company News

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

• Positive Sentiment: CEO Charlie Scharf said “now is the time” to pursue deals, signaling that Wells Fargo may be willing to accelerate acquisitions or other strategic transactions. Investors could view this as a constructive sign that management sees attractive opportunities to deploy capital and expand the business. Wells Fargo CEO Charlie Scharf on dealmaking: Now is the time to get it done
• Neutral Sentiment: Wells Fargo CFO Mike Santomassimo is scheduled to present at the Barclays Global Financial Services Conference on September 15. The event could provide updates on loan demand, net interest income, capital allocation and expense management, but no new financial information was disclosed in the announcement. Wells Fargo to Present at the Barclays Global Financial Services Conference
• Negative Sentiment: A market report noted that WFC recently fell more than the broader market, closing at $87.96 in the referenced session. The report did not identify a new company-specific problem, suggesting the weakness was more likely tied to market or financial-sector factors than a change in Wells Fargo’s fundamentals. Wells Fargo Registers a Bigger Fall Than the Market: Important Facts to Note

Wells Fargo & Company Trading Up 2.0%

NYSE WFC opened at $89.74 on Thursday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a fifty day simple moving average of $86.99 and a two-hundred day simple moving average of $82.66. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a market cap of $271.36 billion, a P/E ratio of 13.04, a P/E/G ratio of 0.96 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm's revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.60 EPS. On average, analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were issued a $0.50 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 7th. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on WFC shares. Robert W. Baird increased their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. UBS Group decreased their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, Morgan Stanley upped their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.