Kentucky Retirement Systems Has $16.14 Million Stake in Wells Fargo & Company (NYSE:WFC)

Kentucky Retirement Systems trimmed its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 3.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 224,788 shares of the financial services provider's stock after selling 9,115 shares during the quarter. Kentucky Retirement Systems' holdings in Wells Fargo & Company were worth $16,138,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of WFC. Ironwood Wealth Management LLC. purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $221,000. Brighton Jones LLC raised its position in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares during the last quarter. Bryn Mawr Capital Management LLC raised its position in Wells Fargo & Company by 8.4% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 3,854 shares of the financial services provider's stock valued at $271,000 after buying an additional 299 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $51,000. Finally, Arcadia Investment Management Corp MI raised its position in Wells Fargo & Company by 22.1% in the 4th quarter. Arcadia Investment Management Corp MI now owns 1,221 shares of the financial services provider's stock valued at $86,000 after buying an additional 221 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.8%

WFC stock opened at $75.33 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $245.14 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.26 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a fifty day moving average of $72.42 and a 200-day moving average of $72.86.

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

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.12%. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company declared that its board has authorized a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lowered their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Royal Bank Of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a research report on Thursday, March 13th. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Finally, Truist Financial lowered their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average price target of $77.98.

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.

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