Commonwealth of Pennsylvania Public School Empls Retrmt SYS Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in Wells Fargo & Company (NYSE:WFC) by 4.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 707,950 shares of the financial services provider’s stock after selling 33,018 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Wells Fargo & Company were worth $49,726,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lingohr Asset Management GmbH purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $1,127,000. iA Global Asset Management Inc. raised its holdings in Wells Fargo & Company by 860.0% during the fourth quarter. iA Global Asset Management Inc. now owns 425,467 shares of the financial services provider’s stock worth $29,885,000 after purchasing an additional 381,149 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Wells Fargo & Company by 14.1% during the fourth quarter. Teacher Retirement System of Texas now owns 2,229,521 shares of the financial services provider’s stock worth $156,602,000 after purchasing an additional 274,886 shares in the last quarter. First National Bank of Hutchinson acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $423,000. Finally, Strategic Financial Services Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $215,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $72.79 on Thursday. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a 50 day moving average price of $75.88 and a 200 day moving average price of $69.22. The company has a market cap of $239.35 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.86 EPS. Sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.20%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Barclays raised their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $74.39.

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.