Retirement Systems of Alabama Sells 72,354 Shares of Wells Fargo & Company $WFC

Retirement Systems of Alabama cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,783,155 shares of the financial services provider’s stock after selling 72,354 shares during the period. Retirement Systems of Alabama’s holdings in Wells Fargo & Company were worth $142,866,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Accretive Wealth Partners LLC bought a new position in Wells Fargo & Company during the 1st quarter valued at $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after acquiring an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $408,000. Three Bridge Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter worth $364,000. Finally, Allianz SE raised its stake in shares of Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock worth $15,244,000 after purchasing an additional 39,150 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 1.0%

Shares of Wells Fargo & Company stock opened at $86.02 on Thursday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47. The stock’s 50-day simple moving average is $82.42 and its 200 day simple moving average is $78.27. The stock has a market capitalization of $275.56 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.19 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. During the same period in the previous year, the business posted $1.42 EPS. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s payout ratio is presently 29.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Finally, Bank of America boosted their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.57.

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.