Wells Fargo & Co (NYSE:WFC) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its position in Wells Fargo & Co (NYSE:WFC) by 0.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,114,758 shares of the financial services provider’s stock after selling 14,926 shares during the quarter. Wells Fargo & Co comprises about 0.8% of New York State Teachers Retirement System’s holdings, making the stock its 24th largest position. New York State Teachers Retirement System’s holdings in Wells Fargo & Co were worth $308,428,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Coastal Capital Group Inc. purchased a new position in Wells Fargo & Co in the 2nd quarter worth approximately $78,000. Little House Capital LLC boosted its holdings in Wells Fargo & Co by 372.8% in the 2nd quarter. Little House Capital LLC now owns 149,639 shares of the financial services provider’s stock worth $7,081,000 after acquiring an additional 117,987 shares during the period. Cibc Bank USA boosted its stake in shares of Wells Fargo & Co by 15.4% during the 2nd quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock valued at $1,334,000 after buying an additional 3,756 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of Wells Fargo & Co by 16.3% during the 2nd quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock valued at $1,078,000 after buying an additional 3,193 shares during the last quarter. Finally, Calton & Associates Inc. boosted its stake in shares of Wells Fargo & Co by 67.8% during the 2nd quarter. Calton & Associates Inc. now owns 10,772 shares of the financial services provider’s stock valued at $510,000 after buying an additional 4,354 shares during the last quarter. 75.25% of the stock is owned by hedge funds and other institutional investors.

Shares of WFC stock traded up $0.24 during trading on Friday, reaching $51.34. The company had a trading volume of 1,973,400 shares, compared to its average volume of 23,247,810. The firm’s 50 day simple moving average is $49.14 and its two-hundred day simple moving average is $47.24. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Co has a one year low of $43.02 and a one year high of $55.04. The company has a market capitalization of $224.40 billion, a PE ratio of 11.72, a PEG ratio of 1.05 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.23). Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. The company had revenue of $22.01 billion during the quarter, compared to the consensus estimate of $21.32 billion. During the same period in the previous year, the business posted $1.13 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. Analysts forecast that Wells Fargo & Co will post 4.52 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Thursday, November 7th. Wells Fargo & Co’s payout ratio is 46.58%.

Wells Fargo & Co declared that its Board of Directors has approved a stock buyback program on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Several equities analysts have recently commented on WFC shares. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. UBS Group cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their target price for the company from $51.00 to $49.00 in a research note on Tuesday, September 10th. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. BMO Capital Markets reduced their target price on Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating for the company in a research note on Wednesday, October 16th. Finally, Robert W. Baird cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a research note on Monday, September 30th. Four investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $49.75.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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