Martingale Asset Management L P increased its stake in Wells Fargo & Company (NYSE:WFC) by 6.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,852 shares of the financial services provider’s stock after acquiring an additional 595 shares during the quarter. Martingale Asset Management L P’s holdings in Wells Fargo & Company were worth $386,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in WFC. Capital World Investors grew its stake in Wells Fargo & Company by 73.9% in the 1st quarter. Capital World Investors now owns 53,857,384 shares of the financial services provider’s stock valued at $2,609,929,000 after purchasing an additional 22,890,585 shares during the period. Renaissance Technologies LLC grew its position in Wells Fargo & Company by 1,478.6% during the 1st quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock worth $406,609,000 after acquiring an additional 7,859,100 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in Wells Fargo & Company during the 1st quarter worth approximately $345,861,000. Arrowstreet Capital Limited Partnership grew its position in shares of Wells Fargo & Company by 5,232.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,211,291 shares of the financial services provider’s stock worth $155,619,000 after buying an additional 3,151,066 shares during the last quarter. Finally, Theleme Partners LLP grew its position in shares of Wells Fargo & Company by 10.3% in the 1st quarter. Theleme Partners LLP now owns 18,256,610 shares of the financial services provider’s stock worth $884,715,000 after buying an additional 1,700,000 shares during the last quarter. 72.23% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Piper Sandler lifted their target price on Wells Fargo & Company from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday, October 17th. StockNews.com initiated coverage on Wells Fargo & Company in a report on Wednesday, October 12th. They set a “hold” rating for the company. JPMorgan Chase & Co. raised their target price on Wells Fargo & Company from $46.50 to $49.50 in a research note on Wednesday, November 2nd. BMO Capital Markets raised their target price on Wells Fargo & Company from $61.00 to $63.00 and gave the company a “market perform” rating in a research report on Monday, October 17th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.03.
Wells Fargo & Company Stock Up 0.6 %
Wells Fargo & Company (NYSE:WFC – Get Rating) last announced its earnings results on Friday, October 14th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.24). The firm had revenue of $19.51 billion during the quarter, compared to analyst estimates of $18.78 billion. Wells Fargo & Company had a return on equity of 10.95% and a net margin of 19.95%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.17 earnings per share. On average, analysts expect that Wells Fargo & Company will post 3.81 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 4th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Thursday, November 3rd. Wells Fargo & Company’s dividend payout ratio is 31.17%.
About Wells Fargo & Company
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.
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