Wells Fargo & Company $WFC Stock Position Decreased by State of Michigan Retirement System

Key Points

• State of Michigan Retirement System reduced its Wells Fargo stake by 1.6% in the first quarter, selling 13,900 shares and leaving it with 852,149 shares worth about $67.8 million.
• Other institutional investors also made small changes to their positions, and overall 75.9% of Wells Fargo shares are owned by institutions and hedge funds.
• Analyst sentiment remains constructive, with Wells Fargo carrying a “Moderate Buy” consensus and an average price target of $98.34 despite some mixed rating changes.

State of Michigan Retirement System trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 1.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 852,149 shares of the financial services provider's stock after selling 13,900 shares during the quarter. State of Michigan Retirement System's holdings in Wells Fargo & Company were worth $67,840,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Private Wealth Group LLC raised its holdings in Wells Fargo & Company by 2.5% during the 4th quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider's stock worth $421,000 after buying an additional 108 shares during the period. Nixon Peabody Trust Co. boosted its holdings in shares of Wells Fargo & Company by 3.6% in the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider's stock worth $312,000 after buying an additional 115 shares during the period. Simmons Bank boosted its holdings in shares of Wells Fargo & Company by 1.9% in the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock worth $593,000 after buying an additional 116 shares during the period. Moss Adams Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 1.0% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider's stock worth $1,123,000 after buying an additional 117 shares during the period. Finally, Wood Tarver Financial Group LLC increased its position in shares of Wells Fargo & Company by 1.6% in the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider's stock worth $722,000 after acquiring an additional 120 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. KGI Securities lowered shares of Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. Morgan Stanley raised 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 research note on Monday, June 29th. Barclays lowered their price objective on shares of Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 15th. Keefe, Bruyette & Woods cut their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 15th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $98.34.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: Analysts expect Wells Fargo and other major U.S. banks to post earnings beats, with favorable operating trends such as strong trading activity, loan demand, and capital markets activity supporting the sector ahead of results. US bank earnings could surprise to the upside as Bank of America highlights strong operating backdrop
• Positive Sentiment: Wells Fargo stock has been gaining attention from analysts and hedge funds, with Wall Street maintaining a consensus Buy view and investors expecting continued upside if the bank shows renewed growth in Tuesday’s report. Looking to Buy Wells Fargo & Co (WFC) Stock? Listen to JPMorgan First
• Positive Sentiment: Pre-earnings coverage suggests one key metric in WFC’s report could show whether the bank is finally returning to growth, which is keeping traders focused on the stock into the earnings release. Wells Fargo Reports Q2 Earnings Tuesday Morning. Here's the Number That Matters Most.
• Neutral Sentiment: Wells Fargo flagged tech concentration risk as earnings season begins, a reminder that concentrated exposure in markets and the broader macro backdrop could affect near-term sentiment. Wells Fargo flags tech concentration risk as earnings season kicks off
• Neutral Sentiment: Multiple previews note that Wells Fargo, JPMorgan, Goldman Sachs, and Bank of America report on the same day, setting up a high-profile earnings session that could drive sector-wide volatility rather than bank-specific movement alone. Wall Street Prepares For Four Top Banks To Report Earnings On The Same Day

Wells Fargo & Company Price Performance

WFC opened at $87.54 on Tuesday. The stock has a market cap of $267.89 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 1.00 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The stock has a fifty day moving average price of $80.77 and a 200 day moving average price of $83.91.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion for the quarter, compared to the consensus estimate of $21.85 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. The business's quarterly revenue was up 6.4% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 6.98 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company's payout ratio is presently 27.78%.

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.

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