Wells Fargo & Company (NYSE:WFC) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 418,387 shares of the financial services provider’s stock after selling 11,772 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Wells Fargo & Company were worth $30,036,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Wells Fargo & Company by 5.8% in the 4th quarter. Lake Street Advisors Group LLC now owns 25,688 shares of the financial services provider’s stock valued at $1,804,000 after purchasing an additional 1,409 shares during the last quarter. Advisor OS LLC increased its holdings in shares of Wells Fargo & Company by 63.8% during the 4th quarter. Advisor OS LLC now owns 7,628 shares of the financial services provider’s stock worth $536,000 after buying an additional 2,972 shares during the last quarter. Bryn Mawr Capital Management LLC raised its position in shares of Wells Fargo & Company by 8.4% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 3,854 shares of the financial services provider’s stock worth $271,000 after buying an additional 299 shares during the period. Finally, Carlson Capital L.P. acquired a new position in Wells Fargo & Company in the fourth quarter valued at $1,475,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WFC. The Goldman Sachs Group lifted their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Piper Sandler restated an “overweight” rating and set a $85.00 price objective (up previously from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Royal Bank Of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.98.

Wells Fargo & Company Price Performance

NYSE WFC opened at $80.02 on Friday. The company has a 50-day moving average price of $73.58 and a two-hundred day moving average price of $73.01. The stock has a market cap of $260.39 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 1.32 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

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.