State of Michigan Retirement System Sells 14,900 Shares of Wells Fargo & Company $WFC

State of Michigan Retirement System reduced its stake in Wells Fargo & Company (NYSE:WFC) by 1.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 930,449 shares of the financial services provider’s stock after selling 14,900 shares during the period. State of Michigan Retirement System’s holdings in Wells Fargo & Company were worth $74,548,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WFC. McElhenny Sheffield Capital Management LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC increased its stake in shares of Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares in the last quarter. Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $29,000. Motco increased its stake in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares in the last quarter. Finally, Nova Wealth Management Inc. increased its stake in shares of Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 227 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Up 1.4%

Shares of WFC stock opened at $87.19 on Friday. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $87.47. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm’s 50 day moving average is $82.75 and its 200 day moving average is $78.59. The stock has a market capitalization of $279.30 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.18 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company posted $1.42 EPS. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WFC. Raymond James Financial downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Truist Financial raised their target price on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. The Goldman Sachs Group decreased their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Bank of America raised their target price on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.