California Public Employees Retirement System Sells 594,202 Shares of Wells Fargo & Company (NYSE:WFC)

California Public Employees Retirement System cut its holdings in Wells Fargo & Company (NYSE:WFC) by 7.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,986,075 shares of the financial services provider’s stock after selling 594,202 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of Wells Fargo & Company worth $490,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $26,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth $30,000. McClarren Financial Advisors Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at $30,000. Rakuten Securities Inc. increased its position in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 237 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in Wells Fargo & Company in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on WFC shares. Truist Financial lifted 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 note on Thursday, January 16th. Barclays upped their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods raised their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. The Goldman Sachs Group upped their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Piper Sandler raised their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.97.

Wells Fargo & Company Trading Down 2.2 %

NYSE:WFC opened at $70.71 on Friday. The company has a 50 day simple moving average of $75.84 and a two-hundred day simple moving average of $70.03. The company has a market cap of $230.87 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. 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 posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s revenue for the quarter 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. Research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.26%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

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.