State of Michigan Retirement System Sells 28,100 Shares of Wells Fargo & Company (NYSE:WFC)

State of Michigan Retirement System lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 956,849 shares of the financial services provider’s stock after selling 28,100 shares during the period. State of Michigan Retirement System’s holdings in Wells Fargo & Company were worth $67,209,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of WFC. National Pension Service boosted its stake in shares of Wells Fargo & Company by 15.2% during the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after purchasing an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. raised its holdings in Wells Fargo & Company by 2.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock valued at $375,183,000 after buying an additional 162,066 shares during the last quarter. Nordea Investment Management AB boosted its position in Wells Fargo & Company by 10.1% during the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock worth $441,983,000 after buying an additional 575,892 shares during the period. Two Sigma Advisers LP grew its holdings in Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after acquiring an additional 5,237,500 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Wells Fargo & Company by 158.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after acquiring an additional 1,659,716 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.7 %

Shares of NYSE WFC opened at $76.96 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market cap of $253.06 billion, a PE ratio of 14.30, a P/E/G ratio of 1.18 and a beta of 1.18. The company’s fifty day simple moving average is $76.00 and its 200 day simple moving average is $68.11. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50.

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, beating the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 earnings per share. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.08%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods lifted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Morgan Stanley upped their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Barclays raised their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Citigroup upped their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average 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.