VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.12 Million in Wells Fargo & Company $WFC

Key Points

• Virginia Retirement Systems acquired 13,500 Wells Fargo shares worth approximately $1.12 million in the second quarter, while institutional investors collectively own 75.9% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.61; Wells Fargo recently exceeded quarterly expectations, reporting $1.96 EPS and $22.62 billion in revenue.
• Wells Fargo increased its quarterly dividend from $0.45 to $0.50 per share, representing a $2.00 annualized dividend and a 2.2% yield.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 13,500 shares of the financial services provider's stock, valued at approximately $1,116,000.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of Wells Fargo & Company by 62.3% during the fourth 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 in the last quarter. Jump Financial LLC boosted its stake in Wells Fargo & Company by 12.9% in the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after purchasing an additional 2,615 shares in the last quarter. Main Street Financial Solutions LLC grew its position in Wells Fargo & Company by 111.0% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after purchasing an additional 7,368 shares during the last quarter. Vivaldi Capital Management LP grew its position in Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after purchasing an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC increased its stake in Wells Fargo & Company by 51.2% during the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after purchasing an additional 8,714 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on WFC shares. Robert W. Baird raised their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Morgan Stanley raised their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Truist Financial lifted their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Finally, UBS Group dropped their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Stock Up 1.1%

WFC stock opened at $90.42 on Friday. The firm's fifty day simple moving average is $87.17 and its 200-day simple moving average is $82.72. The company has a market capitalization of $273.42 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.60 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 7.25 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were issued a $0.50 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company's payout ratio is presently 29.07%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.

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