Utah Retirement Systems Reduces Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Utah Retirement Systems reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 3.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 729,145 shares of the financial services provider’s stock after selling 24,000 shares during the period. Utah Retirement Systems’ holdings in Wells Fargo & Company were worth $28,487,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in WFC. Ironwood Wealth Management LLC. increased its holdings in Wells Fargo & Company by 20.6% during the 4th quarter. Ironwood Wealth Management LLC. now owns 3,150 shares of the financial services provider’s stock worth $95,000 after purchasing an additional 539 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Wells Fargo & Company by 210.6% during the 4th quarter. Los Angeles Capital Management LLC now owns 3,176,880 shares of the financial services provider’s stock worth $95,878,000 after purchasing an additional 2,154,160 shares during the last quarter. Eaton Vance Management increased its holdings in Wells Fargo & Company by 48.4% during the 4th quarter. Eaton Vance Management now owns 7,738,288 shares of the financial services provider’s stock worth $233,542,000 after purchasing an additional 2,523,225 shares during the last quarter. Federated Hermes Inc. increased its holdings in Wells Fargo & Company by 21.5% during the 4th quarter. Federated Hermes Inc. now owns 146,532 shares of the financial services provider’s stock worth $4,422,000 after purchasing an additional 25,940 shares during the last quarter. Finally, ExodusPoint Capital Management LP increased its holdings in Wells Fargo & Company by 21.6% during the 4th quarter. ExodusPoint Capital Management LP now owns 48,478 shares of the financial services provider’s stock worth $1,463,000 after purchasing an additional 8,596 shares during the last quarter. Institutional investors and hedge funds own 69.18% of the company’s stock.

Wells Fargo & Company stock traded down $0.59 during mid-day trading on Thursday, hitting $45.21. 494,524 shares of the company’s stock traded hands, compared to its average volume of 27,292,698. The company has a 50 day moving average price of $45.31. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.83. The firm has a market cap of $186.88 billion, a P/E ratio of 12.35, a PEG ratio of 1.03 and a beta of 1.35. Wells Fargo & Company has a one year low of $20.76 and a one year high of $48.13.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $1.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.40. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The company had revenue of $20.27 billion for the quarter, compared to the consensus estimate of $17.69 billion. During the same quarter in the previous year, the business earned ($0.66) EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Company will post 4.26 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 1st. Stockholders of record on Friday, May 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Thursday, May 6th. Wells Fargo & Company’s dividend payout ratio is presently 72.73%.

Several research firms have issued reports on WFC. Keefe, Bruyette & Woods began coverage on Wells Fargo & Company in a report on Wednesday, July 7th. They set an “outperform” rating and a $57.00 price objective on the stock. Odeon Capital Group lowered Wells Fargo & Company from a “buy” rating to a “hold” rating in a research report on Monday. Robert W. Baird lifted their target price on Wells Fargo & Company from $41.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, April 15th. JPMorgan Chase & Co. lifted their target price on Wells Fargo & Company from $41.50 to $47.00 and gave the stock a “neutral” rating in a research report on Monday, May 3rd. Finally, Bank of America upgraded Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Friday, June 4th. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & Company presently has a consensus rating of “Buy” and an average target price of $45.70.

About Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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