New Mexico Educational Retirement Board Boosts Holdings in Wells Fargo & Company $WFC

New Mexico Educational Retirement Board lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.8% during the second quarter, HoldingsChannel reports. The firm owned 153,916 shares of the financial services provider’s stock after purchasing an additional 7,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Wells Fargo & Company were worth $12,720,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company in the 4th quarter worth $25,000. Miller Capital Partners Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $25,000. Navalign LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $26,000. Phillip James Consulting Co. purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $28,000. Finally, Core Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $86.62 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company’s 50-day simple moving average is $86.27 and its 200-day simple moving average is $82.71. The stock has a market capitalization of $261.94 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned $1.60 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Truist Financial increased their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Robert W. Baird lifted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, UBS Group decreased their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $98.61.

More Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.