New York State Teachers Retirement System Boosts Holdings in Wells Fargo & Company $WFC

New York State Teachers Retirement System grew its position in Wells Fargo & Company (NYSE:WFC) by 0.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,863,870 shares of the financial services provider’s stock after buying an additional 4,247 shares during the period. New York State Teachers Retirement System’s holdings in Wells Fargo & Company were worth $229,453,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Wealth Management Partners LLC boosted its holdings in Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock worth $313,000 after buying an additional 128 shares in the last quarter. Verum Partners LLC raised its position 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 acquiring an additional 128 shares during the last quarter. Motive Wealth Advisors raised its position in Wells Fargo & Company by 3.7% during the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock worth $293,000 after acquiring an additional 129 shares during the last quarter. Vivid Wealth Management LLC raised its position in shares of Wells Fargo & Company by 0.8% in the second quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider’s stock valued at $1,381,000 after buying an additional 133 shares during the last quarter. Finally, Lynch & Associates IN raised its position in shares of Wells Fargo & Company by 2.0% in the second quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider’s stock valued at $539,000 after buying an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WFC. Citigroup boosted their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Bank of America upped 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. Finally, Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Stock Up 2.2%

WFC stock opened at $86.42 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $87.47. The firm’s 50-day simple moving average is $80.97 and its 200 day simple moving average is $76.74. The stock has a market cap of $276.83 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.37 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter last year, the company earned $1.33 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

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.