Powszechne Towarzystwo Emerytalne Allianz Polska S.A. Purchases New Shares in Wells Fargo & Company (NYSE:WFC)

Powszechne Towarzystwo Emerytalne Allianz Polska S.A. purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 270,000 shares of the financial services provider’s stock, valued at approximately $19,383,000. Wells Fargo & Company makes up approximately 8.7% of Powszechne Towarzystwo Emerytalne Allianz Polska S.A.’s investment portfolio, making the stock its 4th biggest position.

Several other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors raised its stake in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after buying an additional 14,210,193 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after buying an additional 7,894,919 shares during the last quarter. GAMMA Investing LLC raised its stake in Wells Fargo & Company by 7,887.9% during the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock valued at $243,589,000 after buying an additional 3,350,605 shares during the last quarter. Northern Trust Corp raised its stake in Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Wells Fargo & Company during the fourth quarter valued at $198,801,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $77.80 on Friday. 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 has a one year low of $50.15 and a one year high of $84.83. The firm has a market capitalization of $253.18 billion, a P/E ratio of 13.32, a PEG ratio of 1.25 and a beta of 1.20. The business has a fifty day moving average of $78.56 and a 200 day moving average of $74.94.

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

Wells Fargo & Company announced that its board has initiated a stock buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is presently 27.40%.

Analyst Ratings Changes

WFC has been the subject of a number of recent research reports. Truist Financial lifted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a “hold” rating and a $83.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus target price of $80.39.

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.