California State Teachers Retirement System Sells 189,749 Shares of Wells Fargo & Company $WFC

California State Teachers Retirement System trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 3.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,773,587 shares of the financial services provider’s stock after selling 189,749 shares during the period. California State Teachers Retirement System’s holdings in Wells Fargo & Company were worth $380,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Godfrey Financial Associates Inc. bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Navalign LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Finally, Core Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $29,000. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on WFC. HSBC raised 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 report on Wednesday, April 1st. Bank of America lifted their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $98.50.

Wells Fargo & Company Price Performance

WFC stock opened at $86.86 on Wednesday. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a fifty day simple moving average of $83.22 and a two-hundred day simple moving average of $83.30. The firm has a market capitalization of $265.82 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is currently 26.16%.

Wells Fargo & 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.