IFM Investors Pty Ltd Grows Stake in Wells Fargo & Company (NYSE:WFC)

Posted by MarketBeat News on Aug 1st, 2022

IFM Investors Pty Ltd grew its holdings in Wells Fargo & Company (NYSE:WFC) by 17.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 628,740 shares of the financial services provider’s stock after acquiring an additional 92,802 shares during the quarter. IFM Investors Pty Ltd’s holdings in Wells Fargo & Company were worth $30,469,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in WFC. Allspring Global Investments Holdings LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $17,337,000. Keel Point LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $234,000. Vestmark Advisory Solutions Inc. boosted its position in shares of Wells Fargo & Company by 5.1% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 37,599 shares of the financial services provider’s stock valued at $1,804,000 after purchasing an additional 1,821 shares during the period. Addison Advisors LLC boosted its position in shares of Wells Fargo & Company by 141.0% in the 4th quarter. Addison Advisors LLC now owns 629 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 368 shares during the period. Finally, Osborne Partners Capital Management LLC boosted its position in shares of Wells Fargo & Company by 3.7% in the 4th quarter. Osborne Partners Capital Management LLC now owns 12,860 shares of the financial services provider’s stock valued at $617,000 after purchasing an additional 460 shares during the period. Hedge funds and other institutional investors own 74.01% of the company’s stock.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Kleber Santos sold 22,700 shares of the firm’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $44.44, for a total transaction of $1,008,788.00. Following the completion of the transaction, the executive vice president now owns 21,478 shares of the company’s stock, valued at $954,482.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WFC. Morgan Stanley upped their target price on Wells Fargo & Company from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, July 18th. Royal Bank of Canada decreased their price objective on Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, July 1st. Barclays decreased their price objective on Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Monday, July 18th. The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $54.00 to $56.00 in a research report on Thursday, April 14th. Finally, BMO Capital Markets decreased their price objective on Wells Fargo & Company from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, April 18th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.31.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $43.87 on Monday. Wells Fargo & Company has a 1-year low of $36.54 and a 1-year high of $60.30. The company has a market capitalization of $166.28 billion, a P/E ratio of 10.52, a PEG ratio of 1.07 and a beta of 1.16. The business has a 50 day moving average price of $41.62 and a 200 day moving average price of $47.29. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.80.

Wells Fargo & Company (NYSE:WFC – Get Rating) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.14). Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The firm had revenue of $17.03 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The business’s revenue for the quarter was down 16.0% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 3.97 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be given a dividend of $0.30 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, August 4th. This represents a $1.20 annualized dividend and a yield of 2.74%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 23.98%.

Wells Fargo & Company Company Profile

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.