Kentucky Retirement Systems Insurance Trust Fund Sells 74,009 Shares of Wells Fargo & Company (NYSE:WFC)

Kentucky Retirement Systems Insurance Trust Fund cut its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 43.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,743 shares of the financial services provider's stock after selling 74,009 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Wells Fargo & Company were worth $6,873,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the fourth quarter valued at $28,000. BNP Paribas purchased a new position in Wells Fargo & Company during the fourth quarter valued at $28,000. Rakuten Securities Inc. raised its stake in Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at $32,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 0.8%

Wells Fargo & Company stock opened at $75.33 on Friday. The stock has a market cap of $245.14 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.26 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $50.15 and a one year 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 data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. Wells Fargo & Company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has initiated a stock buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on WFC shares. Barclays lowered their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Truist Financial decreased their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their price target 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. Finally, The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $77.98.

Wells Fargo & Company 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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