Kentucky Retirement Systems Sells 3,222 Shares of Wells Fargo & Company (NYSE:WFC)

Kentucky Retirement Systems reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.4% during the 4th quarter, HoldingsChannel reports. The fund owned 233,903 shares of the financial services provider’s stock after selling 3,222 shares during the period. Kentucky Retirement Systems’ holdings in Wells Fargo & Company were worth $16,429,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Zullo Investment Group Inc. increased its stake in Wells Fargo & Company by 5.7% during the fourth quarter. Zullo Investment Group Inc. now owns 6,180 shares of the financial services provider’s stock worth $434,000 after acquiring an additional 333 shares during the last quarter. Concurrent Investment Advisors LLC increased its stake in Wells Fargo & Company by 8.8% during the fourth quarter. Concurrent Investment Advisors LLC now owns 45,046 shares of the financial services provider’s stock worth $3,164,000 after acquiring an additional 3,643 shares during the last quarter. RW Investment Management LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth approximately $202,000. Hardy Reed LLC increased its stake in Wells Fargo & Company by 4.0% during the fourth quarter. Hardy Reed LLC now owns 5,564 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 215 shares during the last quarter. Finally, Advyzon Investment Management LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $530,000. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on WFC shares. Keefe, Bruyette & Woods boosted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Truist Financial boosted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Morgan Stanley boosted their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, Barclays boosted their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Price Performance

NYSE WFC opened at $78.69 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock’s fifty day moving average price is $75.06 and its 200 day moving average price is $66.73. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a market cap of $262.00 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.20 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the firm earned $0.86 EPS. The firm’s revenue was down .5% on a year-over-year basis. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

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.