The New York State Teachers Retirement System has reduced its stake in Wells Fargo & Company (NYSE: WFC) by 4.9% during the third quarter of 2023. According to a report from Holdings Channel, the retirement system now holds 2,723,965 shares after selling 139,905 shares in the financial services provider. This change positions Wells Fargo as approximately 0.4% of the retirement system’s total portfolio, ranking it as the 29th largest investment.
As of its most recent filing with the Securities and Exchange Commission (SEC), the value of the New York State Teachers Retirement System’s holdings in Wells Fargo is estimated at around $228.3 million. This adjustment comes amid a broader trend among institutional investors, many of whom have altered their positions in Wells Fargo recently.
Brighton Jones LLC has notably increased its holdings in Wells Fargo by 62.3%, acquiring an additional 25,436 shares in the fourth quarter, bringing its total to 66,233 shares valued at approximately $4.65 million. Similarly, Modern Wealth Management LLC raised its stake by 15.9% in the first quarter, now owning 12,903 shares worth $926,000. Other firms, such as Invst LLC and 1248 Management LLC, have also entered or expanded their positions in Wells Fargo, reflecting varying strategies among institutional investors.
Approximately 75.9% of Wells Fargo’s stock is currently held by institutional investors, highlighting the significant interest in the company among larger financial entities.
Wells Fargo’s Stock Performance and Dividend Announcement
On December 1, 2023, Wells Fargo’s stock opened at $95.94. The company has demonstrated resilience, with a twelve-month range between a low of $58.42 and a high of $97.76. Key financial metrics include a quick ratio of 0.84, a current ratio of 0.84, and a debt-to-equity ratio of 1.07. With a market capitalization of $301.17 billion, the company maintains a price-to-earnings (P/E) ratio of 15.78 and a P/E to growth (P/E/G) ratio of 0.88.
The company also declared a quarterly dividend of $0.45, paid to shareholders of record on November 7, 2023. This translates to an annualized dividend of $1.80 and a yield of 1.9%. The payout ratio stands at 29.61%, indicating a balanced approach to returning value to shareholders.
Market Sentiment and Analyst Ratings
Wells Fargo’s stock has been subject to varying opinions among analysts recently. HSBC maintained a “hold” rating with a price target of $74.00, while Citigroup adjusted its target from $85.00 to $90.00, also giving it a “neutral” rating. Barclays took a more optimistic stance, raising their target from $94.00 to $113.00 with an “overweight” rating.
Despite mixed reviews, the consensus among investment analysts is relatively stable, with twelve categorizing the stock as a Buy, eight as a Hold, and two as a Sell. According to data from MarketBeat.com, Wells Fargo currently holds an average target price of $93.91.
Wells Fargo & Company, headquartered in San Francisco, California, was founded in 1852. The firm has evolved into one of the largest full-service banks in the United States, providing a wide array of financial products and services to individual, small business, commercial, and institutional clients. Under the leadership of CEO Charles W. Scharf, Wells Fargo operates through various business segments, including consumer banking, commercial banking, and wealth management.
As the market continues to evolve, the adjustments in holdings by significant institutional investors like the New York State Teachers Retirement System may reflect broader trends in investor confidence and market dynamics affecting Wells Fargo.
