Maryland State Retirement & Pension System Sells 22,571 Shares of Wells Fargo & Company (NYSE:WFC)

Maryland State Retirement & Pension System decreased its stake in Wells Fargo & Company (NYSE:WFC) by 11.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 have also recently made changes to their positions in WFC. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the 3rd quarter worth $29,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.3 %

NYSE:WFC opened at $71.08 on Wednesday. The company has a 50-day moving average price of $75.86 and a 200-day moving average price of $69.19. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock has a market cap of $233.72 billion, a price-to-earnings ratio of 13.21, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the company posted $0.86 EPS. The company’s quarterly revenue was down .5% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. Wells Fargo & Company’s dividend payout ratio is 29.74%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Compass Point increased their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Citigroup upped their price objective 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. Piper Sandler upped their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus target price of $74.39.

Wells Fargo & Company Company Profile

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.