Wells Fargo & Co (NYSE:WFC) Stock Holdings Lifted by Pendal Group Ltd
Pendal Group Ltd raised its position in Wells Fargo & Co (NYSE:WFC) by 70.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 369,389 shares of the financial services provider’s stock after purchasing an additional 152,559 shares during the quarter. Pendal Group Ltd’s holdings in Wells Fargo & Co were worth $17,456,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of WFC. Daily Journal Corp grew its stake in Wells Fargo & Co by 9,900.0% in the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after purchasing an additional 157,588,200 shares in the last quarter. Norges Bank purchased a new position in Wells Fargo & Co in the fourth quarter valued at about $2,004,580,000. First Trust Advisors LP grew its stake in Wells Fargo & Co by 147.9% in the second quarter. First Trust Advisors LP now owns 3,569,267 shares of the financial services provider’s stock valued at $168,898,000 after purchasing an additional 2,129,463 shares in the last quarter. Geode Capital Management LLC grew its stake in Wells Fargo & Co by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after purchasing an additional 2,114,810 shares in the last quarter. Finally, Magnolia Group LLC grew its stake in Wells Fargo & Co by 38.8% in the second quarter. Magnolia Group LLC now owns 6,824,995 shares of the financial services provider’s stock valued at $322,959,000 after purchasing an additional 1,908,873 shares in the last quarter. Hedge funds and other institutional investors own 76.89% of the company’s stock.
Shares of NYSE WFC traded up $0.49 during trading hours on Tuesday, hitting $45.92. 14,672,895 shares of the company’s stock were exchanged, compared to its average volume of 22,489,396. The firm has a 50-day moving average of $47.11. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The stock has a market cap of $204.00 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $59.53.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a $0.51 dividend. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 annualized dividend and a yield of 4.44%. Wells Fargo & Co’s dividend payout ratio is 46.58%.
Wells Fargo & Co declared that its board has approved a stock repurchase plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have commented on WFC shares. Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target for the company. in a research note on Thursday, June 27th. Bank of America downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research note on Monday, April 15th. Citigroup downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Finally, Atlantic Securities downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target for the company. in a research note on Tuesday, June 11th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $51.12.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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