799,519 Shares in Wells Fargo & Company $WFC Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Wells Fargo & Company (NYSE:WFC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 799,519 shares of the financial services provider’s stock, valued at approximately $64,001,000.

Several other institutional investors have also bought and sold shares of WFC. Legal & General Group Plc bought a new position in Wells Fargo & Company in the 2nd quarter valued at $1,635,881,000. Bank of New York Mellon Corp bought a new position in Wells Fargo & Company during the 2nd quarter worth approximately $1,364,923,000. Amundi increased its position in shares of Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after buying an additional 6,944,316 shares in the last quarter. Deutsche Bank AG acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $859,431,000. Finally, Pzena Investment Management LLC bought a new stake 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 Analysts Forecast Growth

WFC has been the subject of a number of recent research reports. Bank of America upped their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Morgan Stanley decreased their price target on shares of Wells Fargo & Company from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. HSBC assumed coverage on Wells Fargo & Company in a report on Monday, September 28th. They set a “buy” rating and a $108.00 target price for the company. Truist Financial boosted their target price on shares of Wells Fargo & Company from $94.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a report on Thursday, October 8th. They issued a “buy” rating and a $95.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.11.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $83.39 on Monday. The firm has a 50 day moving average of $84.33 and a 200-day moving average of $83.70. The company has a market cap of $250.32 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 0.89 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. The business had revenue of $21.87 billion during the quarter, compared to analysts’ expectations of $22.30 billion. During the same period last year, the company posted $1.66 earnings per share. The business’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 7.27 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be issued a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio is presently 28.21%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.