Illinois Municipal Retirement Fund Has $30.04 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Illinois Municipal Retirement Fund trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 2.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 418,387 shares of the financial services provider's stock after selling 11,772 shares during the period. Illinois Municipal Retirement Fund's holdings in Wells Fargo & Company were worth $30,036,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WFC. Shakespeare Wealth Management LLC increased its stake in Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after buying an additional 130 shares during the period. Safeguard Investment Advisory Group LLC lifted its stake in shares of Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after acquiring an additional 137 shares during the period. Crown Wealth Group LLC boosted its holdings in shares of Wells Fargo & Company by 2.2% in the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after acquiring an additional 140 shares in the last quarter. Jaffetilchin Investment Partners LLC increased its stake in shares of Wells Fargo & Company by 0.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock valued at $1,580,000 after acquiring an additional 144 shares during the period. Finally, TCTC Holdings LLC raised its holdings in Wells Fargo & Company by 2.1% during the fourth quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider's stock worth $529,000 after purchasing an additional 152 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 0.7%

Shares of Wells Fargo & Company stock traded down $0.54 during midday trading on Friday, hitting $79.42. The company's stock had a trading volume of 21,282,981 shares, compared to its average volume of 17,309,200. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $258.44 billion, a P/E ratio of 14.26, a PEG ratio of 1.32 and a beta of 1.16. The stock has a 50-day simple moving average of $73.58 and a 200-day simple moving average of $73.01.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $1.20 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board has initiated a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Bank of America increased their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. decreased their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Barclays dropped their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Evercore ISI upped their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.98.

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.