Intech Investment Management LLC Buys 297,422 Shares of Wells Fargo & Company $WFC

Intech Investment Management LLC raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 41.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,017,392 shares of the financial services provider’s stock after purchasing an additional 297,422 shares during the period. Wells Fargo & Company accounts for approximately 0.8% of Intech Investment Management LLC’s holdings, making the stock its 17th biggest position. Intech Investment Management LLC’s holdings in Wells Fargo & Company were worth $73,039,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in WFC. Brighton Jones LLC boosted its holdings in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the last quarter. Gotham Asset Management LLC raised its position in shares of Wells Fargo & Company by 2.8% during the 4th quarter. Gotham Asset Management LLC now owns 75,310 shares of the financial services provider’s stock valued at $5,290,000 after buying an additional 2,064 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Wells Fargo & Company by 1.8% during the 4th quarter. Janus Henderson Group PLC now owns 449,831 shares of the financial services provider’s stock valued at $31,615,000 after buying an additional 7,959 shares in the last quarter. MJP Associates Inc. ADV purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $301,000. Finally, Minot DeBlois Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $39,000. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Phillip Securities cut shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Finally, Morgan Stanley upped their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $82.56.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $80.71 on Wednesday. The firm has a market capitalization of $258.55 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25. The company’s 50-day moving average is $80.51 and its 200 day moving average is $75.05. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $1.33 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is 30.82%.

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.