VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $57.96 Million Investment in Wells Fargo & Company $WFC

Key Points

• Virginia Retirement Systems ET Al made a significant investment of approximately $57.96 million in Wells Fargo & Company by acquiring 723,400 shares in the second quarter.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, translating to an annualized dividend of $1.80 and a yield of 2.2%.
• The stock currently has a market cap of approximately $266.70 billion, with analysts rating it as a "Moderate Buy" and setting a consensus price target of $89.57.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 723,400 shares of the financial services provider's stock, valued at approximately $57,959,000.

Several other large investors also recently made changes to their positions in the stock. Wealth Management Partners LLC boosted its holdings in shares of Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock valued at $313,000 after buying an additional 128 shares during the last quarter. Verum Partners LLC lifted its holdings in Wells Fargo & Company by 1.8% during the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock valued at $582,000 after purchasing an additional 128 shares during the last quarter. Motive Wealth Advisors lifted its holdings in Wells Fargo & Company by 3.7% during the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 129 shares during the last quarter. Vivid Wealth Management LLC lifted its holdings in Wells Fargo & Company by 0.8% during the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock valued at $1,381,000 after purchasing an additional 133 shares during the last quarter. Finally, Lynch & Associates IN lifted its holdings in Wells Fargo & Company by 2.0% during the 2nd quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock valued at $539,000 after purchasing an additional 135 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $83.25 on Friday. Wells Fargo & Company has a 12-month low of $58.42 and a 12-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 business's 50-day moving average price is $81.21 and its two-hundred day moving average price is $76.93. The stock has a market cap of $266.70 billion, a PE ratio of 13.69, a P/E/G ratio of 1.15 and a beta of 1.25.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.61%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. TD Cowen increased their price objective on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a "hold" rating in a research report on Wednesday. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley raised their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Ten analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $89.57.

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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