State of Alaska Department of Revenue Has $46.07 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

State of Alaska Department of Revenue decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 6.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 794,939 shares of the financial services provider’s stock after selling 59,090 shares during the period. Wells Fargo & Company accounts for approximately 0.5% of State of Alaska Department of Revenue’s holdings, making the stock its 23rd biggest holding. State of Alaska Department of Revenue’s holdings in Wells Fargo & Company were worth $46,073,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Lazari Capital Management Inc. boosted its stake in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Lazari Capital Management Inc. now owns 22,804 shares of the financial services provider’s stock valued at $1,122,000 after purchasing an additional 202 shares in the last quarter. Webster Bank N. A. lifted its stake in shares of Wells Fargo & Company by 2.0% in the first quarter. Webster Bank N. A. now owns 10,153 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 202 shares during the period. First Financial Corp IN lifted its stake in shares of Wells Fargo & Company by 4.9% in the fourth quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 214 shares during the period. CX Institutional lifted its stake in shares of Wells Fargo & Company by 1.1% in the fourth quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock worth $998,000 after acquiring an additional 217 shares during the period. Finally, Cape Investment Advisory Inc. increased its holdings in Wells Fargo & Company by 3.4% in the fourth quarter. Cape Investment Advisory Inc. now owns 6,746 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 219 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WFC shares. Jefferies Financial Group lifted their target price on Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a report on Wednesday. Argus boosted their price objective on Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a report on Monday, April 15th. Evercore ISI boosted their price objective on Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, June 25th. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. boosted their price objective on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Fourteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $59.36.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $0.38 on Wednesday, reaching $60.59. The stock had a trading volume of 6,698,813 shares, compared to its average volume of 18,370,920. The stock has a market cap of $211.24 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.46 and a beta of 1.17. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The company has a 50 day simple moving average of $59.54 and a 200 day simple moving average of $55.30.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10. The company had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 earnings per share. Equities research analysts expect that Wells Fargo & Company will post 5.13 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 annualized dividend and a dividend yield of 2.31%. Wells Fargo & Company’s payout ratio is 29.23%.

Wells Fargo & Company 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.