Retirement Systems of Alabama Has $138.92 Million Position in Wells Fargo & Company (NYSE:WFC)

Retirement Systems of Alabama lowered its position in Wells Fargo & Company (NYSE:WFC) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,977,835 shares of the financial services provider’s stock after selling 13,677 shares during the period. Retirement Systems of Alabama owned 0.06% of Wells Fargo & Company worth $138,923,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in WFC. Truvestments Capital LLC acquired a new position in Wells Fargo & Company during the third quarter valued at approximately $29,000. Modus Advisors LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $30,000. Decker Retirement Planning Inc. bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $32,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Wells Fargo & Company in the third quarter valued at approximately $34,000. Finally, FSA Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the third quarter valued at approximately $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC opened at $79.56 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $47.45 and a 1 year high of $79.85. The company has a market capitalization of $264.88 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.19 and a beta of 1.18. The business has a fifty day simple moving average of $73.61 and a 200 day simple moving average of $64.92.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the company earned $0.86 EPS. Wells Fargo & Company’s revenue for the quarter was down .5% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.84 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.01%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Truist Financial increased their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their target price for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Morgan Stanley raised their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Compass Point raised their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group raised their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $73.39.

About Wells Fargo & Company

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.