California Public Employees Retirement System lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 0.3% in the third quarter, Holdings Channel reports. The fund owned 12,346,278 shares of the financial services provider’s stock after acquiring an additional 33,396 shares during the quarter. Wells Fargo & Co makes up approximately 1.0% of California Public Employees Retirement System’s investment portfolio, making the stock its 10th biggest position. California Public Employees Retirement System’s holdings in Wells Fargo & Co were worth $680,897,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC increased its holdings in Wells Fargo & Co by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares in the last quarter. Winch Advisory Services LLC increased its holdings in Wells Fargo & Co by 0.7% in the second quarter. Winch Advisory Services LLC now owns 2,776 shares of the financial services provider’s stock worth $154,000 after purchasing an additional 20 shares in the last quarter. Jackson Grant Investment Advisers Inc. increased its holdings in Wells Fargo & Co by 0.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 4,954 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 26 shares in the last quarter. Financial Advisory Group increased its holdings in Wells Fargo & Co by 0.7% in the second quarter. Financial Advisory Group now owns 5,029 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 35 shares in the last quarter. Finally, Financial Advisory Service Inc. increased its holdings in Wells Fargo & Co by 0.6% in the second quarter. Financial Advisory Service Inc. now owns 7,067 shares of the financial services provider’s stock worth $392,000 after purchasing an additional 42 shares in the last quarter. Institutional investors own 76.00% of the company’s stock.

Wells Fargo & Co (NYSE:WFC) opened at $58.00 on Wednesday. The stock has a market capitalization of $285,610.00, a P/E ratio of 14.04, a P/E/G ratio of 1.47 and a beta of 1.01. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $66.31.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 EPS. research analysts forecast that Wells Fargo & Co will post 4.72 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, February 1st. This represents a $1.56 annualized dividend and a dividend yield of 2.69%. Wells Fargo & Co’s payout ratio is 37.77%.

In related news, Director Ronald Sargent bought 9,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the transaction, the director now directly owns 81 shares in the company, valued at $4,534.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John R. Shrewsberry sold 70,000 shares of Wells Fargo & Co stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is owned by insiders.

A number of brokerages have weighed in on WFC. Bank of America lowered their target price on Wells Fargo & Co from $70.00 to $69.00 and set a “buy” rating for the company in a report on Monday, February 5th. Morgan Stanley downgraded Wells Fargo & Co from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. JPMorgan Chase & Co. downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Vetr upgraded Wells Fargo & Co from a “sell” rating to a “strong-buy” rating in a report on Monday, November 6th. Finally, Vining Sparks reiterated a “buy” rating and issued a $75.00 target price on shares of Wells Fargo & Co in a report on Monday, January 8th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the stock. Wells Fargo & Co has a consensus rating of “Hold” and an average target price of $76.34.

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Wells Fargo & Co Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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