Wells Fargo & Company $WFC Stake Cut by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 911,949 shares of the financial services provider’s stock after selling 18,500 shares during the period. State of Michigan Retirement System’s holdings in Wells Fargo & Company were worth $76,440,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of WFC. Brighton Jones LLC lifted its holdings in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 2.5% in the 2nd quarter. Venturi Wealth Management LLC now owns 8,633 shares of the financial services provider’s stock worth $692,000 after purchasing an additional 209 shares during the last quarter. Clear Creek Financial Management LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $214,000. McElhenny Sheffield Capital Management LLC bought a new position in Wells Fargo & Company during the 2nd quarter worth $27,000. Finally, Leo Wealth LLC grew its stake in Wells Fargo & Company by 24.0% during the 2nd quarter. Leo Wealth LLC now owns 5,938 shares of the financial services provider’s stock worth $476,000 after buying an additional 1,149 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $93.93 on Friday. The company has a 50-day moving average of $91.64 and a two-hundred day moving average of $85.66. Wells Fargo & Company has a one year low of $58.42 and a one year high of $97.76. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84. The stock has a market cap of $294.85 billion, a price-to-earnings ratio of 14.98, a PEG ratio of 1.01 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The company had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $21.63 billion. During the same period in the previous year, the business earned $1.43 EPS. The company’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $1.80 dividend on an annualized basis and a yield of 1.9%. Wells Fargo & Company’s payout ratio is presently 28.71%.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. TD Cowen reduced their price target on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, January 15th. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Truist Financial reduced their price target on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Robert W. Baird lowered Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. Finally, Barclays increased their target price on shares of Wells Fargo & Company from $94.00 to $113.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Thirteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $95.92.

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.