New Mexico Educational Retirement Board Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

New Mexico Educational Retirement Board lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 155,616 shares of the financial services provider's stock after selling 6,700 shares during the quarter. New Mexico Educational Retirement Board's holdings in Wells Fargo & Company were worth $11,172,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $3,365,658,000. Northern Trust Corp grew its stake in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Wells Fargo & Company by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after buying an additional 238,131 shares during the last quarter. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after buying an additional 14,210,193 shares during the period. Finally, Capital World Investors lifted its holdings in Wells Fargo & Company by 0.4% in the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after acquiring an additional 62,099 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Royal Bank Of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research note on Thursday, March 13th. Truist Financial boosted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday. TD Cowen began coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $86.00 target price on shares of Wells Fargo & Company in a report on Tuesday. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $78.98.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC stock traded up $0.19 during trading hours on Wednesday, reaching $81.78. 16,107,019 shares of the stock were exchanged, compared to its average volume of 17,398,465. The business's fifty day moving average is $75.81 and its two-hundred day moving average is $73.64. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $83.95. The firm has a market capitalization of $266.13 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.38 and a beta of 1.16.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The company's revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned $1.20 EPS. As a group, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its board has initiated a stock buyback program on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

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.