Utah Retirement Systems Sells 5,900 Shares of Wells Fargo & Co (WFC)

Share on StockTwits

Utah Retirement Systems lowered its stake in Wells Fargo & Co (NYSE:WFC) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 807,763 shares of the financial services provider’s stock after selling 5,900 shares during the period. Wells Fargo & Co makes up approximately 0.8% of Utah Retirement Systems’ portfolio, making the stock its 19th biggest holding. Utah Retirement Systems’ holdings in Wells Fargo & Co were worth $42,456,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Rothschild Asset Management Inc. increased its holdings in shares of Wells Fargo & Co by 1.0% in the second quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock valued at $32,703,000 after purchasing an additional 5,584 shares during the period. Commonwealth Bank of Australia increased its holdings in shares of Wells Fargo & Co by 15.3% in the second quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock valued at $41,434,000 after purchasing an additional 99,137 shares during the period. Berkshire Asset Management LLC PA increased its holdings in shares of Wells Fargo & Co by 3.3% in the third quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock valued at $26,651,000 after purchasing an additional 16,315 shares during the period. R. G. Niederhoffer Capital Management Inc. acquired a new position in shares of Wells Fargo & Co in the second quarter valued at approximately $1,308,000. Finally, Security National Bank of Sioux City Iowa IA acquired a new position in shares of Wells Fargo & Co in the second quarter valued at approximately $382,000. 73.02% of the stock is currently owned by institutional investors and hedge funds.

WFC opened at $50.26 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The firm has a market cap of $249.20 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 1.02 and a beta of 1.00. Wells Fargo & Co has a one year low of $50.02 and a one year high of $66.31.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. On average, equities analysts anticipate that Wells Fargo & Co will post 4.5 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a yield of 3.42%. Wells Fargo & Co’s payout ratio is 41.85%.

Wells Fargo & Co announced that its board has approved a share buyback program on Tuesday, October 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

A number of research firms recently weighed in on WFC. Credit Suisse Group decreased their price target on Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday. ValuEngine downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Nomura decreased their price target on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 15th. BMO Capital Markets lifted their price target on Wells Fargo & Co to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 15th. Finally, Macquarie upgraded Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research note on Monday, October 15th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company’s stock. Wells Fargo & Co currently has a consensus rating of “Hold” and an average target price of $63.61.

TRADEMARK VIOLATION WARNING: “Utah Retirement Systems Sells 5,900 Shares of Wells Fargo & Co (WFC)” was posted by Equities Focus and is the sole property of of Equities Focus. If you are viewing this piece on another website, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this piece can be accessed at https://www.equitiesfocus.com/2018/12/08/utah-retirement-systems-sells-5900-shares-of-wells-fargo-co-wfc.html.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

See Also: Relative Strength Index

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply