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

State of Michigan Retirement System decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 956,849 shares of the financial services provider’s stock after selling 28,100 shares during the quarter. 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 hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $30,000. McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company in the 4th quarter valued at about $30,000. Decker Retirement Planning Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $32,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $35,000. Finally, BankPlus Trust Department bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $35,000. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WFC. Keefe, Bruyette & Woods lifted their price target 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. UBS Group increased their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Trading Down 1.7 %

Shares of WFC stock opened at $76.96 on Tuesday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock’s fifty day moving average price is $76.00 and its two-hundred day moving average price is $68.11. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company 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.

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, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the company earned $0.86 EPS. Wells Fargo & Company’s revenue for the quarter was down .5% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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

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.