Wells Fargo & Company $WFC Holdings Reduced by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio reduced its Wells Fargo stake by 1.8% in the first quarter, selling 23,241 shares and ending with 1,262,985 shares worth about $100.5 million.
• Institutional ownership in Wells Fargo remains high, with 75.90% of shares held by institutional investors and hedge funds, and several other funds recently opened new positions.
• Analyst sentiment is generally positive: multiple firms raised price targets, and the stock now carries a “Moderate Buy” consensus with an average target price of $98.50.

Public Employees Retirement System of Ohio lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,262,985 shares of the financial services provider's stock after selling 23,241 shares during the period. Public Employees Retirement System of Ohio's holdings in Wells Fargo & Company were worth $100,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in WFC. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company during the 4th quarter worth $25,000. Miller Capital Partners Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $26,000. Joseph Group Capital Management acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. Finally, Core Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

More Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo appointed Tom Nicholls to lead its Sports Investment Banking group, adding a specialist banker to expand advisory and deal-making capabilities in a niche area that could support fee growth. Wells Fargo (WFC) Appoints Tom Nicholls To Lead Sports Investment Banking
• Positive Sentiment: Several market articles noted that Wells Fargo is drawing increased investor attention and that Wall Street analysts remain broadly optimistic, which can help support sentiment around the stock. Wall Street Bulls Look Optimistic About Wells Fargo (WFC): Should You Buy?
• Positive Sentiment: Wells Fargo’s Innovation Incubator program highlighted the bank’s role in funding practical technology solutions for affordable housing and grid demand challenges, reinforcing its corporate and ESG-oriented brand. Innovation Incubator Program Drives Real-World Impact in Affordable Housing and Electrical Grid Demands
• Neutral Sentiment: MarketWatch highlighted a customer’s difficulty getting a larger credit limit for balance transfer debt, but this appears to be an isolated consumer complaint rather than a material company-level catalyst. I wanted to transfer $17,000 in credit-card debt. Why did Wells Fargo offer me only a $4,000 credit limit?

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Truist Financial raised their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Robert W. Baird boosted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. HSBC raised shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target for the company in a research note on Wednesday, April 1st. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $98.50.

Wells Fargo & Company Trading Down 0.2%

Shares of Wells Fargo & Company stock opened at $86.24 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market cap of $263.91 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92. The business has a fifty day simple moving average of $82.46 and a 200-day simple moving average of $83.48. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's payout ratio is 26.16%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.