Arrowstreet Capital Limited Partnership Boosts Stake in Wells Fargo & Company $WFC

Arrowstreet Capital Limited Partnership boosted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 482.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,852,365 shares of the financial services provider’s stock after buying an additional 1,534,255 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Wells Fargo & Company were worth $147,467,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Miller Capital Partners Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Navalign LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Finally, Core Wealth Advisors LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $86.39 on Friday. 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 stock has a market capitalization of $264.37 billion, a PE ratio of 12.56, a P/E/G ratio of 0.94 and a beta of 0.92. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a fifty day moving average of $82.72 and a two-hundred day moving average of $83.51.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 26.16%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WFC. 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 research note on Tuesday, July 7th. Piper Sandler reissued an “overweight” rating and issued a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. KGI Securities cut shares of Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Finally, Raymond James Financial restated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Two investment 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.50.

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.