Flputnam Investment Management Co. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, Holdings Channel reports. The fund acquired 12,628 shares of the financial services provider’s stock, valued at approximately $1,044,000.
Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $4,512,563,000. Bank of New York Mellon Corp purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $1,364,923,000. Amundi grew its holdings in Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after buying an additional 6,944,316 shares in the last quarter. Mawer Investment Management Ltd. raised its position in shares of Wells Fargo & Company by 177.7% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider’s stock valued at $454,455,000 after buying an additional 3,120,399 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after buying an additional 2,369,260 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.
Wells Fargo & Company Stock Up 0.2%
Shares of NYSE WFC opened at $83.83 on Friday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The firm has a 50-day simple moving average of $86.08 and a two-hundred day simple moving average of $82.97. The company has a market cap of $253.50 billion, a P/E ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90.
Wells Fargo & Company Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s payout ratio is currently 29.07%.
Analyst Ratings Changes
A number of analysts have issued reports on WFC shares. Robert W. Baird lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $98.61.
Read Our Latest Stock Report on Wells Fargo & Company
About Wells Fargo & Company
Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.
Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.
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