Kentucky Retirement Systems Insurance Trust Fund Lowers Stock Position in Wells Fargo & Company $WFC

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 89,537 shares of the financial services provider’s stock after selling 6,206 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Wells Fargo & Company were worth $7,174,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the business. Wealth Management Partners LLC grew its stake in shares of Wells Fargo & Company by 3.5% during the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 128 shares during the period. Verum Partners LLC boosted its holdings in Wells Fargo & Company by 1.8% during the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock worth $582,000 after buying an additional 128 shares in the last quarter. Motive Wealth Advisors increased its holdings in Wells Fargo & Company by 3.7% in the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock valued at $293,000 after buying an additional 129 shares in the last quarter. Exencial Wealth Advisors LLC lifted its position in shares of Wells Fargo & Company by 0.7% during the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider’s stock valued at $1,443,000 after acquiring an additional 131 shares during the period. Finally, Yukon Wealth Management Inc. boosted its stake in shares of Wells Fargo & Company by 4.3% during the 2nd quarter. Yukon Wealth Management Inc. now owns 3,179 shares of the financial services provider’s stock worth $255,000 after acquiring an additional 132 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WFC has been the subject of several research analyst reports. Barclays raised their price objective on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Dbs Bank raised Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Evercore ISI boosted 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. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, October 15th. Finally, Truist Financial upped their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.04.

Wells Fargo & Company Trading Up 0.2%

Shares of WFC stock opened at $92.76 on Friday. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $93.42. The company has a market capitalization 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 firm has a 50-day moving average price of $85.51 and a 200 day moving average price of $81.74. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07.

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

Wells Fargo & Company Announces Dividend

The firm 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. The ex-dividend date was Friday, November 7th. This represents a $1.80 annualized dividend and a dividend yield of 1.9%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.61%.

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.