Utah Retirement Systems Sells 5,900 Shares of Wells Fargo & Co (WFC)

Utah Retirement Systems lessened its stake in Wells Fargo & Co (NYSE:WFC) by 0.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 807,763 shares of the financial services provider’s stock after selling 5,900 shares during the quarter. Wells Fargo & Co accounts for approximately 0.8% of Utah Retirement Systems’ portfolio, making the stock its 19th biggest position. Utah Retirement Systems’ holdings in Wells Fargo & Co were worth $42,456,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Wells Fargo & Co by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock valued at $2,388,296,000 after buying an additional 1,874,789 shares during the period. Primecap Management Co. CA boosted its stake in shares of Wells Fargo & Co by 47.1% in the 3rd quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock valued at $2,024,201,000 after buying an additional 12,337,098 shares during the period. Magellan Asset Management Ltd boosted its stake in shares of Wells Fargo & Co by 0.3% in the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock valued at $1,724,389,000 after buying an additional 78,797 shares during the period. Boston Partners boosted its stake in shares of Wells Fargo & Co by 12.6% in the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock valued at $1,176,604,000 after buying an additional 2,372,583 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Wells Fargo & Co by 2.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock valued at $937,526,000 after buying an additional 372,355 shares during the period. Institutional investors and hedge funds own 73.02% of the company’s stock.

Several equities analysts have recently issued reports on the company. Credit Suisse Group decreased their price objective on Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday. ValuEngine cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Nomura decreased their price objective on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 15th. BMO Capital Markets boosted their target price on Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 15th. Finally, Macquarie upgraded Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research note on Monday, October 15th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $63.61.

WFC stock opened at $50.26 on Friday. The company has a market cap of $249.20 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 1.02 and a beta of 1.00. Wells Fargo & Co has a fifty-two week low of $50.02 and a fifty-two week high of $66.31. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.04). The business had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. As a group, sell-side analysts anticipate that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.85%.

Wells Fargo & Co declared that its board has approved a stock repurchase program on Tuesday, October 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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