The New York State Teachers Retirement System has decreased its stake in Wells Fargo & Company (NYSE: WFC) by 4.9% during the third quarter of 2023. The institutional investor sold 139,905 shares, leaving it with a total of 2,723,965 shares in the financial services provider. This reduction positions Wells Fargo as the 29th largest holding for the retirement system, which now values its shares at approximately $228.32 million as of its latest SEC filing.
Several other institutional investors have also adjusted their holdings in Wells Fargo. Brighton Jones LLC significantly increased its stake by 62.3% during the fourth quarter, acquiring an additional 25,436 shares for a total of 66,233 shares, valued at $4.65 million. Similarly, Modern Wealth Management LLC raised its holdings by 15.9% in the first quarter, now owning 12,903 shares worth $926,000.
New positions were also established, with Invst LLC investing $1.01 million and Swedbank AB increasing its stake by 3.8%, bringing its total to 783,197 shares. Overall, institutional investors hold approximately 75.90% of Wells Fargo’s stock.
Wells Fargo’s Financial Performance and Dividend Announcement
As of the latest trading session, Wells Fargo’s stock opened at $95.94. The company reported a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. Over the past year, the stock has fluctuated between a low of $58.42 and a high of $97.76. The market capitalization stands at approximately $301.17 billion, with a price-to-earnings (P/E) ratio of 15.78.
In addition, Wells Fargo recently declared a quarterly dividend of $0.45, which was disbursed on December 1, 2023. Shareholders on record as of November 7, 2023 received this dividend, translating to an annualized yield of 1.9%. The company’s payout ratio currently sits at 29.61%.
Analyst Ratings and Market Outlook
Recent evaluations from market analysts indicate varying opinions on Wells Fargo’s stock. HSBC reaffirmed a “hold” rating with a price target of $74.00. In contrast, Citigroup raised its target from $85.00 to $90.00, maintaining a “neutral” stance. Barclays increased its target from $94.00 to $113.00, giving it an “overweight” rating.
Across the board, twelve analysts have rated Wells Fargo with a “Buy” designation, while eight suggest holding the stock and two recommend selling. The consensus rating stands at “Hold,” with an average target price of $93.91, as reported by MarketBeat.com.
Founded in 1852 by Henry Wells and William G. Fargo, Wells Fargo is a diversified financial services company based in San Francisco, California. It offers a wide range of services to individual, small business, commercial, and institutional clients and operates through several segments, including consumer banking, commercial banking, and wealth management. The current CEO is Charles W. Scharf.
