Kentucky Retirement Systems Has $16.90 Million Stock Position in Wells Fargo & Company $WFC

Kentucky Retirement Systems lowered its position in Wells Fargo & Company (NYSE:WFC) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,962 shares of the financial services provider’s stock after selling 13,826 shares during the quarter. Kentucky Retirement Systems’ holdings in Wells Fargo & Company were worth $16,902,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Norges Bank acquired a new stake in Wells Fargo & Company in the second quarter valued at approximately $3,990,551,000. Massachusetts Financial Services Co. MA grew its position in Wells Fargo & Company by 54.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider’s stock worth $1,332,851,000 after acquiring an additional 5,894,747 shares in the last quarter. Amundi grew its position in Wells Fargo & Company by 18.2% in the second quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock worth $1,165,868,000 after acquiring an additional 2,180,693 shares in the last quarter. Finally, Laurel Wealth Advisors LLC increased its stake in shares of Wells Fargo & Company by 8,010.7% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider’s stock worth $158,135,000 after purchasing an additional 1,949,395 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $92.76 on Friday. The firm’s 50-day moving average is $85.51 and its 200-day moving average is $81.74. The company has a market cap of $291.18 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 0.96 and a beta of 1.11. 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 has a 52-week low of $58.42 and a 52-week high of $93.42.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.18. 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 analysts’ expectations of $21.11 billion. During the same quarter last year, the company earned $1.42 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.61%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on WFC shares. Barclays lifted their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Evercore ISI raised their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Citigroup boosted their price target on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. Finally, Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $90.04.

Wells Fargo & Company 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.