Employees Retirement System of Texas cut its holdings in Wells Fargo & Co (NYSE:WFC) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 697,291 shares of the financial services provider’s stock after selling 30,600 shares during the period. Employees Retirement System of Texas’ holdings in Wells Fargo & Co were worth $32,131,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Athena Capital Advisors LLC bought a new stake in shares of Wells Fargo & Co in the fourth quarter valued at about $42,000. Mercer Capital Advisers Inc. lifted its stake in shares of Wells Fargo & Co by 81.3% in the fourth quarter. Mercer Capital Advisers Inc. now owns 1,171 shares of the financial services provider’s stock valued at $54,000 after buying an additional 525 shares during the period. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Wells Fargo & Co by 72.4% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,405 shares of the financial services provider’s stock valued at $65,000 after buying an additional 590 shares during the period. Financial Gravity Companies Inc. bought a new stake in shares of Wells Fargo & Co in the fourth quarter valued at about $82,000. Finally, Ruggie Capital Group bought a new stake in shares of Wells Fargo & Co in the fourth quarter valued at about $80,000. Hedge funds and other institutional investors own 72.19% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Deutsche Bank cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and reduced their target price for the company from $56.00 to $54.00 in a research note on Friday, March 29th. BMO Capital Markets reduced their target price on shares of Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a research note on Monday, April 15th. Robert W. Baird reiterated a “buy” rating and issued a $59.00 target price on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Morgan Stanley reduced their target price on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods lowered shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $58.00 to $50.00 in a research report on Sunday, March 31st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $56.35.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The company had revenue of $21.61 billion during the quarter, compared to analyst estimates of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter last year, the business posted $0.96 earnings per share. On average, research analysts expect that Wells Fargo & Co will post 4.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Thursday, May 9th. Wells Fargo & Co’s payout ratio is 41.10%.
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Wells Fargo & Co Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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