Maryland State Retirement & Pension System Purchases 4,244 Shares of Wells Fargo & Company $WFC

Maryland State Retirement & Pension System lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 158,393 shares of the financial services provider’s stock after acquiring an additional 4,244 shares during the period. Maryland State Retirement & Pension System’s holdings in Wells Fargo & Company were worth $12,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 322 shares during the period. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the period. Accent Capital Management LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. 1248 Management LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $31,000. Finally, Stone House Investment Management LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $79.74 on Thursday. The company has a fifty day moving average price of $80.65 and a 200-day moving average price of $76.44. The company has a market capitalization of $255.44 billion, a P/E ratio of 13.65, a PEG ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 52-week low of $57.07 and a 52-week high of $86.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WFC shares. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. UBS Group dropped their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday. Truist Financial increased their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Finally, Citigroup increased their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $85.41.

Wells Fargo & Company Profile

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.