The New York State Teachers Retirement System has reduced its holdings in Wells Fargo & Company by approximately 4.9%, selling 139,905 shares during the third quarter of 2023. This decision leaves the institutional investor with a total of 2,723,965 shares, valued at around $228,323,000 according to its latest SEC filing. As a result, Wells Fargo now represents about 0.4% of the Retirement System’s total portfolio, making it the 29th largest position in its investments.
Several other institutional investors have also made adjustments to their stakes in Wells Fargo recently. For instance, Brighton Jones LLC significantly increased its holdings by 62.3% during the fourth quarter, acquiring an additional 25,436 shares and bringing its total to 66,233 shares, worth approximately $4,652,000. Modern Wealth Management LLC also made a notable increase, raising its holdings by 15.9% in the first quarter to own 12,903 shares valued at $926,000 after purchasing an additional 1,773 shares.
Other notable investments include Invst LLC, which established a new position worth $1,012,000, and Swedbank AB, which lifted its holdings by 3.8% during the same quarter, now owning 783,197 shares worth about $56,226,000. Overall, institutional investors own approximately 75.90% of Wells Fargo’s stock.
Wells Fargo’s Financial Performance and Recent Developments
Wells Fargo & Company shares opened at $95.94 on December 1, 2023. The company possesses a quick ratio and current ratio of 0.84, alongside a debt-to-equity ratio of 1.07. Over the past twelve months, the stock has experienced a low of $58.42 and a high of $97.76. The firm maintains a market capitalization of $301.17 billion, with a price-to-earnings (P/E) ratio of 15.78 and a P/E growth (P/E/G) ratio of 0.88.
In addition to these financial metrics, Wells Fargo recently announced a quarterly dividend of $0.45, which was paid to investors on December 1. This dividend represents an annualized total of $1.80, translating to a yield of 1.9%. The ex-dividend date for this payment was set for November 7, 2023, and the company currently has a payout ratio of 29.61%.
Analyst Ratings and Market Outlook
Market analysts have been evaluating Wells Fargo’s stock performance, with several recent forecasts emerging. HSBC has reiterated a “hold” rating with a price target of $74.00. Meanwhile, Citigroup has raised its target from $85.00 to $90.00 while maintaining a “neutral” rating. Barclays has set a more optimistic target, increasing its estimate from $94.00 to $113.00, assigning the stock an “overweight” rating.
In contrast, Baird R W downgraded Wells Fargo’s rating from “hold” to “strong sell,” and Robert W. Baird reaffirmed an “underperform” rating with a target price of $90.00. Overall, the consensus rating among twelve investment analysts remains at “Hold,” with an average target price of $93.91.
Wells Fargo & Company, headquartered in San Francisco, California, has a long-standing history since its foundation in 1852 by Henry Wells and William G. Fargo. The firm has grown to become one of the largest full-service banks in the United States, offering a diverse range of financial services to individuals, small businesses, and institutions. The company operates under the leadership of CEO Charles W. Scharf and encompasses several key business segments, including consumer banking, commercial banking, and wealth management.
For those interested in tracking further developments, resources such as HoldingsChannel.com provide updates on institutional holdings and insider trades related to Wells Fargo & Company.
