California Public Employees Retirement System Trims Holdings in Wells Fargo & Company (NYSE:WFC)

California Public Employees Retirement System lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 7.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,986,075 shares of the financial services provider’s stock after selling 594,202 shares during the quarter. California Public Employees Retirement System’s holdings in Wells Fargo & Company were worth $490,702,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Fisher Asset Management LLC raised its holdings in Wells Fargo & Company by 13.8% during the third quarter. Fisher Asset Management LLC now owns 24,833 shares of the financial services provider’s stock valued at $1,403,000 after acquiring an additional 3,016 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $256,000. CreativeOne Wealth LLC boosted its stake in Wells Fargo & Company by 51.7% in the 3rd quarter. CreativeOne Wealth LLC now owns 9,637 shares of the financial services provider’s stock worth $544,000 after purchasing an additional 3,285 shares during the period. Financial Counselors Inc. grew its holdings in Wells Fargo & Company by 2.0% during the 3rd quarter. Financial Counselors Inc. now owns 19,010 shares of the financial services provider’s stock valued at $1,074,000 after buying an additional 373 shares in the last quarter. Finally, Martingale Asset Management L P raised its position in shares of Wells Fargo & Company by 75.5% during the third quarter. Martingale Asset Management L P now owns 7,599 shares of the financial services provider’s stock valued at $429,000 after buying an additional 3,269 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WFC. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a report on Thursday, March 13th. The Goldman Sachs Group increased their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Piper Sandler lifted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley increased their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.97.

Wells Fargo & Company Stock Down 2.2 %

Shares of NYSE WFC opened at $70.71 on Friday. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a 50-day simple moving average of $75.84 and a two-hundred day simple moving average of $70.03. The company has a market cap of $230.87 billion, a P/E ratio of 13.14, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the company earned $0.86 EPS. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

About Wells Fargo & Company

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.