2,663,000 Shares in Wells Fargo & Company (NYSE:WFC) Acquired by Theleme Partners LLP

Theleme Partners LLP acquired a new position in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,663,000 shares of the financial services provider’s stock, valued at approximately $187,049,000. Wells Fargo & Company accounts for 12.5% of Theleme Partners LLP’s portfolio, making the stock its 3rd largest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. grew its position in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the period. Finally, McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $30,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.8%

Shares of NYSE WFC opened at $76.21 on Friday. The stock has a market cap of $248.01 billion, a P/E ratio of 14.17, a PEG ratio of 1.18 and a beta of 1.13. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The business’s fifty day simple moving average is $69.60 and its 200-day simple moving average is $72.54.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same period last year, the firm earned $1.20 earnings per share. Wells Fargo & Company’s quarterly revenue was down 3.4% on a year-over-year basis. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a share buyback plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on WFC. Raymond James decreased their price target on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research note on Monday, April 14th. Morgan Stanley upped their price target on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Barclays decreased their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Citigroup decreased their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Wells Fargo & 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.