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

State of Michigan Retirement System cut its stake in Wells Fargo & Company (NYSE:WFC) by 1.6% in the 2nd quarter, according to its most recent disclosure with the SEC. 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. TIAA Trust National Association grew its position in Wells Fargo & Company by 24.6% in the second quarter. TIAA Trust National Association now owns 515,353 shares of the financial services provider’s stock worth $41,290,000 after acquiring an additional 101,877 shares in the last quarter. Plato Investment Management Ltd grew its position in Wells Fargo & Company by 0.5% in the second quarter. Plato Investment Management Ltd now owns 71,929 shares of the financial services provider’s stock worth $5,742,000 after acquiring an additional 357 shares in the last quarter. Frederick Financial Consultants LLC grew its position in Wells Fargo & Company by 29.9% in the second quarter. Frederick Financial Consultants LLC now owns 3,618 shares of the financial services provider’s stock worth $290,000 after acquiring an additional 832 shares in the last quarter. Hills Bank & Trust Co grew its position in Wells Fargo & Company by 3.7% in the second quarter. Hills Bank & Trust Co now owns 14,300 shares of the financial services provider’s stock worth $1,146,000 after acquiring an additional 505 shares in the last quarter. Finally, Lifeworks Advisors LLC grew its position in Wells Fargo & Company by 4.4% in the second quarter. Lifeworks Advisors LLC now owns 3,430 shares of the financial services provider’s stock worth $275,000 after acquiring an additional 145 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFC has been the subject of several research reports. UBS Group cut their target price on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Citigroup upped their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Bank of America upped their price target on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Finally, Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $87.19 on Friday. 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 has a 50-day moving average of $82.75 and a 200-day moving average of $78.59. The firm has a market cap 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 has a 1-year low of $58.42 and a 1-year high of $87.47.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the prior year, the business posted $1.42 earnings per share. Wells Fargo & Company’s revenue for the quarter was up 5.3% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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

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.