Public Employees Retirement System of Ohio Reduces Stake in Wells Fargo

The Public Employees Retirement System of Ohio has reduced its ownership in Wells Fargo & Company (NYSE:WFC) by 0.8% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). After selling 12,510 shares, the retirement system now holds a total of 1,643,870 shares in the financial services firm. As of its latest disclosure, the value of these holdings stands at approximately $92,862,000.

Institutional Changes in Stakeholder Positions

Several other institutional investors have also recently adjusted their positions in Wells Fargo. For example, Mattson Financial Services LLC initiated a new investment in the second quarter, acquiring shares valued at $25,000. Similarly, Strategic Investment Solutions Inc. IL made a new purchase worth around $26,000 in the same quarter. Truvestments Capital LLC invested about $29,000 in the third quarter, while MidAtlantic Capital Management Inc. and FSA Wealth Management LLC each invested around $34,000 during the same period. Collectively, institutional investors own 75.90% of Wells Fargo's stock.

Insider Transactions at Wells Fargo

In other developments, Wells Fargo executives have been selling shares of the company. EVP Beurden Saul Van sold 35,000 shares on October 14th at an average price of $61.99, resulting in a transaction totaling $2,169,650. After this sale, he retains 126,687 shares, a decrease of 21.65% in his holdings. Furthermore, EVP Ather Williams III sold 60,000 shares on October 16th at an average price of $63.70, valued at approximately $3,822,000. Following this transaction, he holds 163,610 shares, reflecting a 26.83% reduction in his position. Insiders possess 0.08% of the company's stock.

Analyst Ratings and Predictions

Wall Street analysts have recently updated their positions on Wells Fargo. The Goldman Sachs Group raised their price target from $72.00 to $82.00 and issued a "buy" rating. Compass Point also increased their target from $57.00 to $60.00, assigning a "neutral" rating. Phillip Securities upgraded their rating from "neutral" to "accumulate" with a target increase to $65.00. Meanwhile, Jefferies Financial Group downgraded Wells Fargo to a "hold" rating with a target reduction to $59.00. Overall, market analysts have provided diverse ratings: thirteen have given a "hold" rating, eight have issued a "buy" rating, and one presents a strong buy option; the consensus rating is "hold" with an average price target of $65.47.

Wells Fargo's Stock Performance

On the trading floor, Wells Fargo shares opened at $74.33. The company recorded a fifty-two-week low of $44.65 and a high of $78.13. It has a market capitalization of $247.48 billion, a PE ratio of 15.45, and a price-to-earnings-growth ratio of 1.55. The stock's 50-day moving average is $67.39, while the 200-day moving average stands at $60.79.

Recent Earnings and Dividends

Wells Fargo announced its quarterly earnings on October 11th, reporting earnings per share (EPS) of $1.42 for the quarter, surpassing the consensus estimate of $1.28 by $0.14. The company's revenue for the quarter was $20.37 billion, slightly below the forecasted $20.40 billion. Year-over-year, the revenue dropped by 2.4%. Analysts predict that Wells Fargo will post an EPS of 5.42 for the current fiscal year. Moreover, Wells Fargo recently declared a quarterly dividend of $0.40, paid on December 1st, yielding 2.15%. The dividend payout ratio stands at 33.26%.

Company Overview

Wells Fargo & Company offers a broad range of financial services, including diversified banking, investment, mortgage, and consumer and commercial finance products, operating domestically and internationally. The company functions through four primary segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

WellsFargo, Investment, Retirement