VIRGINIA RETIREMENT SYSTEMS ET Al Buys 43,000 Shares of Wells Fargo & Company $WFC

VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 318.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 56,500 shares of the financial services provider’s stock after acquiring an additional 43,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Wells Fargo & Company were worth $4,523,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Legal & General Group Plc purchased a new position in Wells Fargo & Company during the second quarter worth about $1,635,881,000. Bank of New York Mellon Corp acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $1,364,923,000. Amundi increased its holdings in shares of Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after buying an additional 6,944,316 shares during the last quarter. Deutsche Bank AG acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $859,431,000. Finally, Pzena Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $729,502,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.0%

Shares of NYSE WFC opened at $83.39 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.14. The business’s 50 day moving average is $84.33 and its two-hundred day moving average is $83.70. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The firm has a market cap of $250.32 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 0.89 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.85 by $0.02. The business had revenue of $21.87 billion during the quarter, compared to analyst estimates of $22.30 billion. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the business posted $1.66 earnings per share. Research analysts predict that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, November 6th. Wells Fargo & Company’s payout ratio is currently 28.21%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Citigroup decreased their price objective on Wells Fargo & Company from $90.00 to $88.00 and set a “neutral” rating on the stock in a report on Wednesday, October 14th. JPMorgan Chase & Co. upped their price target on Wells Fargo & Company from $91.50 to $92.00 and gave the company a “neutral” rating in a research note on Friday. Robert W. Baird increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. HSBC assumed coverage on Wells Fargo & Company in a research report on Monday, September 28th. They set a “buy” rating and a $108.00 price objective for the company. Finally, Morgan Stanley decreased their target price on shares of Wells Fargo & Company from $102.00 to $101.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.11.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.