Wells Fargo & Company $WFC Shares Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its Wells Fargo stake by 318.5% in the third quarter, acquiring 43,000 additional shares for a total holding of 56,500 shares valued at $4.52 million. Institutional investors collectively own 75.9% of the company.
• Analysts maintain a “Moderate Buy” consensus rating on WFC, with an average price target of $98.11; the stock recently opened at $83.39.
• Wells Fargo reported quarterly EPS of $1.87, slightly above expectations, while revenue reached $21.87 billion. The company also declared a $0.50 quarterly dividend, equivalent to a 2.4% annual yield.

VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 318.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 56,500 shares of the financial services provider's stock after acquiring an additional 43,000 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Wells Fargo & Company were worth $4,523,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Parcion Private Wealth LLC lifted its holdings in Wells Fargo & Company by 7.9% during the third quarter. Parcion Private Wealth LLC now owns 66,273 shares of the financial services provider's stock valued at $5,305,000 after purchasing an additional 4,878 shares in the last quarter. Partners Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 93.5% during the third quarter. Partners Wealth Management LLC now owns 8,549 shares of the financial services provider's stock worth $684,000 after purchasing an additional 4,132 shares in the last quarter. Soltis Investment Advisors LLC increased its stake in shares of Wells Fargo & Company by 10.4% during the third quarter. Soltis Investment Advisors LLC now owns 43,755 shares of the financial services provider's stock worth $3,503,000 after purchasing an additional 4,112 shares in the last quarter. Riverchase Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 1.9% during the third quarter. Riverchase Wealth Management LLC now owns 24,693 shares of the financial services provider's stock worth $1,977,000 after purchasing an additional 471 shares in the last quarter. Finally, United Asset Strategies Inc. raised its position in shares of Wells Fargo & Company by 0.9% during the 3rd quarter. United Asset Strategies Inc. now owns 68,450 shares of the financial services provider's stock worth $5,479,000 after purchasing an additional 590 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of a number of research reports. The Goldman Sachs Group set a $94.00 price target on shares of Wells Fargo & Company in a research note on Tuesday, October 13th. TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, October 8th. They set a "buy" rating and a $95.00 price objective for the company. Royal Bank Of Canada reduced their target price on Wells Fargo & Company from $100.00 to $92.00 and set an "outperform" rating for the company in a report on Wednesday, October 14th. Truist Financial raised their target price on Wells Fargo & Company from $94.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, October 1st. Finally, Bank of America boosted their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.11.

Wells Fargo & Company Stock Performance

WFC opened at $83.39 on Monday. The firm has a market capitalization of $250.32 billion, a PE ratio of 11.76, a PEG ratio of 0.89 and a beta of 0.93. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The firm's 50-day moving average price is $84.33 and its 200 day moving average price is $83.70. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. The company had revenue of $21.87 billion during the quarter, compared to analysts' expectations of $22.30 billion. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. Wells Fargo & Company's revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.66 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be given a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio is 28.21%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

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