State of Alaska Department of Revenue Cuts Stake in Wells Fargo & Company (NYSE:WFC)

State of Alaska Department of Revenue lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 9.7% during the fourth quarter, HoldingsChannel reports. The firm owned 622,547 shares of the financial services provider’s stock after selling 66,532 shares during the period. Wells Fargo & Company accounts for approximately 0.5% of State of Alaska Department of Revenue’s holdings, making the stock its 28th largest holding. State of Alaska Department of Revenue’s holdings in Wells Fargo & Company were worth $43,727,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Cardinal Capital Management Inc. grew its stake in Wells Fargo & Company by 2.0% during the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Wells Fargo & Company by 37.2% during the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after purchasing an additional 173,083 shares during the last quarter. Atlantic Union Bankshares Corp grew its stake in Wells Fargo & Company by 17.4% in the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 26,320 shares in the last quarter. Chartwell Investment Partners LLC increased its holdings in Wells Fargo & Company by 16.4% in the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after buying an additional 18,717 shares during the last quarter. Finally, Argus Investors Counsel Inc. grew its position in shares of Wells Fargo & Company by 34.6% in the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after acquiring an additional 8,107 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on WFC. Barclays lifted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Evercore ISI upped their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Compass Point upped their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Finally, The Goldman Sachs Group raised their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Up 0.7 %

WFC stock opened at $80.07 on Thursday. The firm has a market cap of $266.58 billion, a PE ratio of 14.88, a PEG ratio of 1.19 and a beta of 1.18. The company has a fifty day simple moving average of $73.66 and a 200 day simple moving average of $65.06. Wells Fargo & Company has a 1 year low of $47.45 and a 1 year high of $80.35. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. During the same period in the previous year, the company earned $0.86 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. Sell-side analysts anticipate that Wells Fargo & Company will post 5.84 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

About Wells Fargo & Company

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.