Wells Fargo & Company (NYSE:WFC) Stock Holdings Lowered by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 456,235 shares of the financial services provider's stock after selling 32,190 shares during the quarter. Public Employees Retirement Association of Colorado's holdings in Wells Fargo & Company were worth $32,046,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $28,000. Rakuten Securities Inc. grew its stake in shares of Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares in the last quarter. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $30,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $30,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on WFC shares. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Citigroup lowered their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Barclays lowered their target price on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Piper Sandler lowered their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a report on Thursday, March 13th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $75.34.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded up $1.63 on Tuesday, reaching $71.06. 24,560,248 shares of the company's stock were exchanged, compared to its average volume of 17,495,548. The firm has a market capitalization of $232.02 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The business's 50-day moving average is $69.64 and its two-hundred day moving average is $71.68. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has approved a stock repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are 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.