JPMorgan Investment Management, I recently announced the acquisition of new stake in Wells Fargo & Co. (NYSE:WFC). The institutional investor has increased its shareholding in the Financial company by 11.61% to 81.64 million shares with purchase of 8.49 million shares. This fresh investment now brings its stake to 2.23% valued currently at $3.25 billion. In addition, Capital Research & Management Co raised its holdings by 7.11 million to 68.95 million shares. And Norges Bank Investment Management has lifted its position by 4.69% or 2.22 million shares – to 49.64 million shares.
With over 20.23 million Wells Fargo & Co. (WFC) shares trading Friday and a closing price of $46.10 on the day, the dollar volume was approximately $932.76 million. The shares have shown a positive half year performance of 9.42% and its price on 12/08/23 gained nearly 1.54%. Currently, there are 3.83B common shares owned by the public and among those 3.63B shares have been available to trade.
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Insiders at the company have transacted a total of 134 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 69 of these insider trades were purchases, accounting for 1,766,571 shares. Insider sales of the common stock occurred on 65 occasions, with total insider shares sold totaling 983,552 shares.
The top 3 mutual fund holders in Wells Fargo & Co. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Dodge & Cox Stock Fund. Vanguard Total Stock Market ETF owns 114.81 million shares of the company’s stock, all valued at over $4.57 billion. The company bought an additional 0.52 million shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 0.41 million shares to see its total holdings expand to 88.36 million shares valued at over $3.51 billion and representing 2.42% of the shares outstanding. Dodge & Cox Stock Fund sold -0.6 million shares to bring its total holdings to over 81.39 million shares at a value of $3.24 billion. Dodge & Cox Stock Fund now owns shares totaling to 2.23% of the shares outstanding.
Shares of Wells Fargo & Co. (NYSE: WFC) opened at $45.36, down -$0.04 from a prior closing price of $45.40. However, the script later moved the day high at 46.33, up 1.54%. The company’s stock has a 5-day price change of 2.40% and 11.54% over the past three months. WFC shares are trading 11.65% year to date (YTD), with the 12-month market performance up to 8.60% higher. It has a 12-month low price of $35.25 and touched a high of $48.84 over the same period. WFC has an average intraday trading volume of 16.05 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.86%, 11.47%, and 10.91% respectively.
Institutional ownership of Wells Fargo & Co. (NYSE: WFC) shares accounts for 75.62% of the company’s 3.83B shares outstanding. Mutual fund holders own 30.85%, while other institutional holders and individual stakeholders account for 44.51% and 13.77% respectively.
It has a market capitalization of $167.42B and a beta (3y monthly) value of 1.16. The stock’s trailing 12-month PE ratio is 9.93, while the earnings-per-share (ttm) stands at $4.64. The company has a PEG of 1.49 and the debt-to-equity ratio at 1.59. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.88% over the week and 1.72% over the month.
Analysts forecast that Wells Fargo & Co. (WFC) will achieve an EPS of $WFH for the current quarter, $50.34 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Truist Financial Corporation while analysts give the company a high EPS estimate of $W. P. Carey Inc. REIT. Comparatively, EPS for the current quarter was $V.F. Corporation a year ago. Earnings per share for the fiscal year are expected to increase by 59.84%, and -2.71% over the next financial year. EPS should grow at an annualized rate of 6.67% over the next five years, compared to -5.15% over the past 5-year period.
Looking at the support for the WFC, a number of firms have released research notes about the stock. HSBC Securities stated their Hold rating for the stock in a research note on September 07, 2023, with the firm’s price target at $45.
