VIRGINIA RETIREMENT SYSTEMS ET Al Invests $57.96 Million in Wells Fargo & Company $WFC

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 723,400 shares of the financial services provider’s stock, valued at approximately $57,959,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Accretive Wealth Partners LLC bought a new stake in shares of Wells Fargo & Company during the first quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock worth $54,471,000 after acquiring an additional 71,740 shares during the period. Secured Retirement Advisors LLC acquired a new position in shares of Wells Fargo & Company in the first quarter worth approximately $408,000. RKL Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 5,113 shares during the period. Finally, Three Bridge Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company in the second quarter worth approximately $364,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on WFC shares. Evercore ISI lifted their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Bank of America lifted their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays lifted their price objective on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $83.25 on Friday. The stock’s 50-day simple moving average is $81.21 and its 200 day simple moving average is $76.93. The stock has a market capitalization of $266.70 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 1.15 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company’s payout ratio is currently 29.61%.

Wells Fargo & 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.