Wells Fargo & Company $WFC Shares Purchased by Sprucegrove Investment Management Ltd.

Sprucegrove Investment Management Ltd. boosted its stake in Wells Fargo & Company (NYSE:WFC) by 12.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 255,604 shares of the financial services provider’s stock after purchasing an additional 27,344 shares during the period. Wells Fargo & Company comprises approximately 1.7% of Sprucegrove Investment Management Ltd.’s portfolio, making the stock its 11th largest position. Sprucegrove Investment Management Ltd.’s holdings in Wells Fargo & Company were worth $20,479,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company in the first quarter worth approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Wells Fargo & Company by 10.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after purchasing an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at $408,000. Three Bridge Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter worth $364,000. Finally, Allianz SE grew its stake in shares of Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock worth $15,244,000 after purchasing an additional 39,150 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $86.96 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $278.57 billion, a P/E ratio of 14.30, a PEG ratio of 1.18 and a beta of 1.22. The business has a 50 day simple moving average of $83.09 and a 200-day simple moving average of $79.06. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $88.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.55 by $0.11. The firm had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. Wells Fargo & Company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 EPS. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s payout ratio is 29.61%.

Analyst Ratings Changes

A number of analysts have weighed in on WFC shares. Barclays raised their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. Finally, Truist Financial increased their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company 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.