California State Teachers Retirement System Has $31.77 Billion Stock Position in Wells Fargo & Company $WFC

Key Points

• California State Teachers Retirement System dramatically increased its Wells Fargo stake by 7,954.4% in the second quarter, reaching 384.5 million shares valued at approximately $31.77 billion, or 12.71% of the company.
• Wells Fargo reported stronger-than-expected quarterly results, with earnings of $1.96 per share and revenue of $22.62 billion. Revenue rose 8.6% year over year, while the company increased its quarterly dividend to $0.50, yielding about 2.2% annually.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $98.61, compared with a recent price of $89.90.

California State Teachers Retirement System lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7,954.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,483,013 shares of the financial services provider's stock after purchasing an additional 379,709,426 shares during the quarter. California State Teachers Retirement System owned about 12.71% of Wells Fargo & Company worth $31,773,676,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $25,000. Navalign LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $26,000. Phillip James Consulting Co. acquired a new stake in Wells Fargo & Company in the 1st quarter valued at $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC stock opened at $89.90 on Tuesday. 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 firm has a market cap of $271.86 billion, a PE ratio of 13.07, a P/E/G ratio of 0.98 and a beta of 0.92. The business has a 50 day moving average of $86.81 and a 200-day moving average of $82.65. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the prior year, the business earned $1.60 earnings per share. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were paid a $0.50 dividend. The ex-dividend date was Friday, August 7th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.2%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 29.07%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Finally, Robert W. Baird raised their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $98.61.

About Wells Fargo & Company

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.

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