Wells Fargo & Company $WFC Shares Purchased by Saudi Central Bank

Saudi Central Bank boosted its position in Wells Fargo & Company (NYSE:WFC) by 85.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 214,501 shares of the financial services provider’s stock after buying an additional 98,634 shares during the period. Saudi Central Bank’s holdings in Wells Fargo & Company were worth $17,726,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of WFC. Norges Bank acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $4,512,563,000. Legal & General Group Plc acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $1,635,881,000. Bank of New York Mellon Corp acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $1,364,923,000. Deutsche Bank AG purchased a new position in shares of Wells Fargo & Company during the second quarter worth $859,431,000. Finally, Pzena Investment Management LLC purchased a new position in shares of Wells Fargo & Company during the second quarter worth $729,502,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Truist Financial upped their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. UBS Group lowered their target price on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Bank of America raised their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $89.90 on Friday. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50 day moving average price is $86.69 and its 200 day moving average price is $82.66. The company has a market cap of $271.86 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 0.98 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.60 EPS. On average, research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 7th. Wells Fargo & Company’s payout ratio is 29.07%.

Wells Fargo & 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.