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

Retirement Systems of Alabama decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,783,155 shares of the financial services provider’s stock after selling 72,354 shares during the quarter. Retirement Systems of Alabama owned about 0.05% of Wells Fargo & Company worth $142,866,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Wells Fargo & Company by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock worth $1,471,259,000 after purchasing an additional 128,207 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after buying an additional 7,894,919 shares during the period. Pzena Investment Management LLC grew its position in shares of Wells Fargo & Company by 5.5% during the 2nd quarter. Pzena Investment Management LLC now owns 10,371,812 shares of the financial services provider’s stock worth $830,990,000 after buying an additional 542,493 shares during the period. Finally, Boston Partners grew its position in shares of Wells Fargo & Company by 6.2% during the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider’s stock worth $640,616,000 after buying an additional 523,107 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $86.02 on Thursday. The company has a fifty day simple moving average of $82.42 and a 200 day simple moving average of $78.27. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $87.47. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The company has a market cap of $275.56 billion, a P/E ratio of 14.15, a PEG ratio of 1.19 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. During the same quarter last year, the firm posted $1.42 EPS. Wells Fargo & Company’s revenue was up 5.3% compared to the same quarter last year. Sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.61%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Evercore ISI raised their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

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.