Public Sector Pension Investment Board Grows Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Public Sector Pension Investment Board increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 81.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,981,130 shares of the financial services provider's stock after acquiring an additional 889,953 shares during the quarter. Public Sector Pension Investment Board owned about 0.06% of Wells Fargo & Company worth $111,914,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Income Research & Management bought a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at $211,000. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company in the second quarter valued at $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the second quarter valued at $26,000. Truvestments Capital LLC acquired a new stake in Wells Fargo & Company during the 3rd quarter worth about $29,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Wells Fargo & Company during the 3rd quarter worth about $34,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

WFC traded down $0.14 during midday trading on Thursday, reaching $77.21. The company had a trading volume of 19,793,927 shares, compared to its average volume of 18,151,936. The business has a 50-day moving average price of $64.65 and a two-hundred day moving average price of $60.13. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a 12-month low of $42.79 and a 12-month high of $78.13. The stock has a market cap of $257.07 billion, a PE ratio of 16.05, a P/E/G ratio of 1.60 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.39 earnings per share. On average, sell-side analysts expect that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company's dividend payout ratio is currently 33.26%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WFC. Wolfe Research upgraded Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Compass Point raised their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. Phillip Securities upgraded Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and increased their price target for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. Finally, Citigroup boosted their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $63.07.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the completion of the transaction, the executive vice president now owns 126,687 shares of the company's stock, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.