Wells Fargo & Company (NYSE:WFC) Holdings Trimmed by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lowered its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 179,530 shares of the financial services provider's stock after selling 22,571 shares during the period. Maryland State Retirement & Pension System's holdings in Wells Fargo & Company were worth $12,610,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WFC. Empowered Funds LLC grew its stake in Wells Fargo & Company by 19.1% in the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock valued at $13,369,000 after acquiring an additional 30,510 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of Wells Fargo & Company by 37.2% in the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider's stock valued at $36,055,000 after buying an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp increased its holdings in Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider's stock worth $10,031,000 after purchasing an additional 26,320 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Wells Fargo & Company by 14.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,027,696 shares of the financial services provider's stock valued at $58,055,000 after purchasing an additional 131,322 shares in the last quarter. Finally, Valmark Advisers Inc. lifted its position in Wells Fargo & Company by 5.5% in the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after acquiring an additional 431 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WFC. Piper Sandler increased their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. UBS Group raised their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. The Goldman Sachs Group upped their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Truist Financial raised their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Finally, Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus target price of $74.39.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $0.01 during trading hours on Friday, reaching $72.51. 32,620,920 shares of the stock were exchanged, compared to its average volume of 16,441,602. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $238.43 billion, a P/E ratio of 13.48, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm has a 50 day simple moving average of $75.95 and a 200-day simple moving average of $69.42.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 EPS. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's payout ratio is currently 29.74%.

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.