Teachers Retirement System of The State of Kentucky Reduces Position in Wells Fargo & Company $WFC

Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.9% in the first quarter, HoldingsChannel reports. The fund owned 658,730 shares of the financial services provider’s stock after selling 33,900 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Wells Fargo & Company were worth $52,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company during the fourth quarter valued at $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company in the fourth quarter worth about $25,000. Navalign LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth about $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Core Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $87.07 on Monday. The stock has a market capitalization of $266.46 billion, a PE ratio of 13.44, a P/E/G ratio of 1.00 and a beta of 0.92. The business has a 50 day simple moving average of $80.67 and a two-hundred day simple moving average of $83.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. 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 data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion for the quarter, compared to analysts’ expectations of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.39 EPS. On average, research analysts predict that Wells Fargo & Company will post 6.98 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s payout ratio is currently 27.78%.

Wells Fargo & Company News Summary

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Analysts and market commentary remain upbeat on Wells Fargo’s upcoming results, with expectations for higher net interest income and fee income to support earnings. The stock is also benefiting from a “moderate buy” consensus and renewed interest in bank earnings ahead of the reporting season.
• Positive Sentiment: Wells Fargo was cited as a bullish name in sector research, and the broader banking group is seen as positioned for solid Q2 results, which could lift financial stocks if the trend holds.
• Neutral Sentiment: Recent articles focused on Wells Fargo mostly previewed the earnings release rather than delivering new company-specific news, so investors are still waiting for a catalyst from the actual report.
• Neutral Sentiment: Broader market news was mixed but relatively calm, with futures drifting and investors waiting for inflation data and earnings season, which suggests WFC’s move is more tied to positioning than to any fresh negative headline.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. KGI Securities downgraded Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. HSBC upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Wednesday, April 1st. Jefferies Financial Group started coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price target for the company. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Finally, Raymond James Financial began coverage on shares of Wells Fargo & Company in a research report on Wednesday, July 8th. They set a “market perform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.34.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.