500,764 Shares in Wells Fargo & Company $WFC Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. bought a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 500,764 shares of the financial services provider’s stock, valued at approximately $41,819,000.

Several other institutional investors also recently bought and sold shares of WFC. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $4,512,563,000. Capital Research Global Investors increased its stake in shares of Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock valued at $3,487,687,000 after acquiring an additional 1,760,484 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock valued at $1,975,600,000 after acquiring an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Wells Fargo & Company by 13.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after acquiring an additional 2,369,260 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Wells Fargo & Company during the 2nd quarter worth about $1,364,923,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 1.9%

Shares of NYSE WFC opened at $86.62 on Friday. The stock has a fifty day moving average price of $86.27 and a 200 day moving average price of $82.71. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a market cap of $261.94 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.92 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same quarter in the previous year, the firm posted $1.60 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of recent analyst reports. Bank of America boosted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Raymond James Financial restated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Truist Financial increased their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Morgan Stanley lifted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $98.61.

About Wells Fargo & Company

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.