State Board of Administration of Florida Retirement System Decreases Holdings in Wells Fargo & Company $WFC

State Board of Administration of Florida Retirement System reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,248,561 shares of the financial services provider’s stock after selling 19,670 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.10% of Wells Fargo & Company worth $260,275,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WFC. Brighton Jones LLC lifted its position in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after buying an additional 25,436 shares during the last quarter. Prosperity Consulting Group LLC raised its stake in shares of Wells Fargo & Company by 54.3% in the first quarter. Prosperity Consulting Group LLC now owns 9,832 shares of the financial services provider’s stock valued at $706,000 after acquiring an additional 3,460 shares during the period. Foundations Investment Advisors LLC lifted its holdings in shares of Wells Fargo & Company by 53.7% in the 1st quarter. Foundations Investment Advisors LLC now owns 38,236 shares of the financial services provider’s stock worth $2,745,000 after acquiring an additional 13,355 shares during the last quarter. TCTC Holdings LLC boosted its stake in shares of Wells Fargo & Company by 2.0% during the 1st quarter. TCTC Holdings LLC now owns 7,676 shares of the financial services provider’s stock worth $551,000 after purchasing an additional 151 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Wells Fargo & Company by 7.2% during the 1st quarter. Federated Hermes Inc. now owns 491,346 shares of the financial services provider’s stock worth $35,274,000 after purchasing an additional 32,795 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.6%

Shares of NYSE WFC opened at $85.61 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market capitalization of $268.75 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 1.18 and a beta of 1.22. The stock has a 50 day moving average price of $84.20 and a 200 day moving average price of $80.55. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.64.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. The company had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.Wells Fargo & Company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently weighed in on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Morgan Stanley raised their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 15th. Evercore ISI boosted their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, Dbs Bank raised Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus 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.