Teacher Retirement System of Texas Has $102.77 Million Holdings in Wells Fargo & Company (NYSE:WFC)

Teacher Retirement System of Texas cut its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 35.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,431,598 shares of the financial services provider's stock after selling 797,923 shares during the quarter. Teacher Retirement System of Texas' holdings in Wells Fargo & Company were worth $102,774,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Fisher Asset Management LLC increased its position in Wells Fargo & Company by 20.0% during the fourth quarter. Fisher Asset Management LLC now owns 29,789 shares of the financial services provider's stock worth $2,092,000 after buying an additional 4,956 shares during the last quarter. Meridian Wealth Management LLC raised its holdings in Wells Fargo & Company by 2.0% during the fourth quarter. Meridian Wealth Management LLC now owns 9,105 shares of the financial services provider's stock valued at $640,000 after buying an additional 176 shares in the last quarter. WoodTrust Financial Corp lifted its position in shares of Wells Fargo & Company by 5.7% in the fourth quarter. WoodTrust Financial Corp now owns 6,338 shares of the financial services provider's stock worth $445,000 after buying an additional 342 shares during the last quarter. Finally, J.Safra Asset Management Corp boosted its stake in shares of Wells Fargo & Company by 68.1% during the 4th quarter. J.Safra Asset Management Corp now owns 6,725 shares of the financial services provider's stock worth $474,000 after acquiring an additional 2,725 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. TD Cowen initiated coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Truist Financial reduced their price objective on shares of 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. Royal Bank Of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. dropped their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.33.

Wells Fargo & Company Price Performance

NYSE:WFC traded up $0.96 during mid-day trading on Thursday, hitting $83.32. The company's stock had a trading volume of 11,237,287 shares, compared to its average volume of 17,353,350. The company has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 1.38 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.94. The stock has a fifty day moving average of $74.79 and a 200-day moving average of $73.27.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter last year, the company earned $1.20 EPS. Wells Fargo & Company's revenue was down 3.4% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company declared that its board has initiated a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

About Wells Fargo & Company

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.