New York State Teachers Retirement System Raises Holdings in Wells Fargo & Company $WFC

Key Points

• The New York State Teachers Retirement System has increased its holdings in Wells Fargo & Company by 0.1%, owning approximately 2.86 million shares valued at $229.45 million.
• Wells Fargo recently reported better-than-expected earnings of $1.54 per share, surpassing the consensus estimate of $1.41, with a slight year-over-year revenue increase of 0.6%.
• The company has increased its quarterly dividend from $0.40 to $0.45, reflecting a positive change and a dividend yield of 2.1% for shareholders.

New York State Teachers Retirement System grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,863,870 shares of the financial services provider's stock after purchasing an additional 4,247 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Wells Fargo & Company worth $229,453,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in WFC. Brighton Jones LLC lifted its holdings in shares of 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 acquiring an additional 25,436 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Wells Fargo & Company by 11.3% during the first quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider's stock valued at $3,393,000 after acquiring an additional 4,786 shares in the last quarter. Inscription Capital LLC bought a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $387,000. Insigneo Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 7.6% during the first quarter. Insigneo Advisory Services LLC now owns 16,574 shares of the financial services provider's stock valued at $1,190,000 after acquiring an additional 1,177 shares in the last quarter. Finally, Rakuten Securities Inc. raised its stake in Wells Fargo & Company by 95.5% in the first quarter. Rakuten Securities Inc. now owns 829 shares of the financial services provider's stock worth $60,000 after buying an additional 405 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 2.2%

WFC opened at $86.42 on Thursday. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average price of $80.97 and a 200 day moving average price of $76.74. The company has a market cap of $276.83 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.37 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WFC. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. TD Cowen boosted their price objective on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a "hold" rating in a report on Wednesday. Bank of America boosted their target price on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $89.57.

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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