M&G PLC Buys 2,245,307 Shares of Wells Fargo & Company $WFC

M&G PLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 320.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,946,277 shares of the financial services provider’s stock after buying an additional 2,245,307 shares during the period. Wells Fargo & Company comprises about 1.3% of M&G PLC’s investment portfolio, making the stock its 20th biggest position. M&G PLC’s holdings in Wells Fargo & Company were worth $247,487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Hilton Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $3,656,000. Mawer Investment Management Ltd. purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at $147,165,000. Guerra Advisors Inc boosted its position in Wells Fargo & Company by 43.2% during the 3rd quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider’s stock valued at $3,222,000 after buying an additional 11,594 shares during the period. AlphaQuest LLC grew its holdings in Wells Fargo & Company by 1,121.0% in the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider’s stock worth $2,018,000 after acquiring an additional 22,107 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Wells Fargo & Company by 54.2% in the third quarter. Smartleaf Asset Management LLC now owns 38,088 shares of the financial services provider’s stock valued at $3,224,000 after acquiring an additional 13,393 shares during the period. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. HSBC reiterated a “hold” rating and set a $74.00 target price on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $92.00 to $101.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Argus lifted their price objective on Wells Fargo & Company from $94.00 to $101.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Wells Fargo & Company from $99.00 to $99.50 and gave the company a “neutral” rating in a report on Monday, February 9th. Thirteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.03.

Wells Fargo & Company Trading Up 0.8%

WFC opened at $86.94 on Monday. The stock has a market cap of $272.92 billion, a PE ratio of 13.87, a PEG ratio of 0.95 and a beta of 1.09. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. The business has a 50 day moving average of $91.80 and a 200-day moving average of $85.93. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.10. The company had revenue of $11.97 billion for the quarter, compared to analysts’ expectations of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.71%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.