Texas Permanent School Fund Corp Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Texas Permanent School Fund Corp trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 743,745 shares of the financial services provider’s stock after selling 5,904 shares during the period. Texas Permanent School Fund Corp’s holdings in Wells Fargo & Company were worth $43,107,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at $25,000. Arlington Trust Co LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Core Wealth Advisors Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. lifted its holdings in shares of Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after buying an additional 356,620 shares during the period. Finally, Tennessee Valley Asset Management Partners bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.7 %

WFC traded up $0.42 on Thursday, hitting $60.14. The company had a trading volume of 16,826,204 shares, compared to its average volume of 18,167,898. The company has a market cap of $209.67 billion, a PE ratio of 12.56, a PEG ratio of 1.45 and a beta of 1.17. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The business’s fifty day simple moving average is $59.54 and its 200 day simple moving average is $55.69.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.10. The business had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.23 earnings per share. Equities research analysts expect that Wells Fargo & Company will post 5.15 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s payout ratio is currently 29.23%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Evercore ISI increased their price target on Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, June 25th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. JPMorgan Chase & Co. raised their target price on Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Argus raised their target price on Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $64.00 target price on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Thirteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and a consensus price target of $59.52.

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.