VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in Wells Fargo & Company $WFC

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 13,500 shares of the financial services provider’s stock, valued at approximately $1,116,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth approximately $25,000. Navalign LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth approximately $26,000. Phillip James Consulting Co. acquired a new stake in Wells Fargo & Company in the first quarter valued at approximately $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $90.42 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $87.17 and its 200-day simple moving average is $82.72. The company has a market cap of $273.42 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. During the same period in the previous year, the business earned $1.60 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts anticipate that Wells Fargo & Company will post 7.25 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were paid a dividend of $0.50 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Analyst Ratings Changes

WFC has been the subject of several research analyst reports. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Robert W. Baird upped their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Finally, UBS Group dropped their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.