Employees Retirement System of Texas cut its holdings in Wells Fargo & Co (NYSE:WFC) by 5.9% during the first quarter, Holdings Channel reports. The fund owned 818,900 shares of the financial services provider’s stock after selling 51,000 shares during the period. Wells Fargo & Co comprises 0.6% of Employees Retirement System of Texas’ holdings, making the stock its 28th biggest position. Employees Retirement System of Texas’ holdings in Wells Fargo & Co were worth $42,919,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Financial Strategies Inc. acquired a new position in Wells Fargo & Co during the fourth quarter worth $209,000. Heritage Way Advisors LLC lifted its stake in Wells Fargo & Co by 69.2% during the fourth quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock worth $3,768,000 after purchasing an additional 25,407 shares in the last quarter. Burt Wealth Advisors lifted its stake in Wells Fargo & Co by 18.7% during the fourth quarter. Burt Wealth Advisors now owns 6,192 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 977 shares in the last quarter. Stumpf Capital Management LLC acquired a new position in Wells Fargo & Co during the fourth quarter worth $74,911,000. Finally, Wealthfront Inc. lifted its stake in Wells Fargo & Co by 15.7% during the fourth quarter. Wealthfront Inc. now owns 111,797 shares of the financial services provider’s stock worth $6,783,000 after purchasing an additional 15,205 shares in the last quarter. Hedge funds and other institutional investors own 76.04% of the company’s stock.
A number of research analysts have commented on WFC shares. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Monday, April 9th. Keefe, Bruyette & Woods upgraded Wells Fargo & Co to a “buy” rating in a research note on Monday, April 30th. Macquarie upgraded Wells Fargo & Co from an “underperform” rating to an “outperform” rating in a research note on Monday, April 30th. Morgan Stanley decreased their price target on Wells Fargo & Co from $64.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday, April 16th. Finally, Susquehanna Bancshares set a $54.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, April 13th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company. Wells Fargo & Co currently has an average rating of “Hold” and an average target price of $61.82.
Wells Fargo & Co opened at $53.94 on Monday, MarketBeat.com reports. The firm has a market capitalization of $265.20 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.47 and a beta of 1.12. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.86 and a current ratio of 0.88. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month high of $66.31.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.07 by $0.05. The firm had revenue of $21.93 billion for the quarter, compared to analyst estimates of $21.74 billion. Wells Fargo & Co had a return on equity of 12.46% and a net margin of 22.80%. Wells Fargo & Co’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 earnings per share. analysts predict that Wells Fargo & Co will post 4.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Friday, May 4th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.89%. The ex-dividend date was Thursday, May 3rd. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 37.96%.
In related news, EVP Petros G. Pelos sold 25,567 shares of the stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $54.76, for a total value of $1,400,048.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.09% of the company’s stock.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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