California Public Employees Retirement System increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 17.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 8,780,740 shares of the financial services provider's stock after acquiring an additional 1,291,721 shares during the period. California Public Employees Retirement System owned 0.23% of Wells Fargo & Company worth $353,161,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Capital Investment Advisors LLC grew its position in shares of Wells Fargo & Company by 0.4% in the third quarter. Capital Investment Advisors LLC now owns 62,426 shares of the financial services provider's stock valued at $2,511,000 after purchasing an additional 237 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its position in shares of Wells Fargo & Company by 0.8% in the second quarter. Nicholas Hoffman & Company LLC. now owns 29,744 shares of the financial services provider's stock valued at $1,165,000 after purchasing an additional 238 shares during the last quarter. Buttonwood Financial Advisors Inc. grew its position in shares of Wells Fargo & Company by 3.5% in the third quarter. Buttonwood Financial Advisors Inc. now owns 7,171 shares of the financial services provider's stock valued at $304,000 after purchasing an additional 241 shares during the last quarter. Hardy Reed LLC grew its position in shares of Wells Fargo & Company by 4.9% in the second quarter. Hardy Reed LLC now owns 5,171 shares of the financial services provider's stock valued at $203,000 after purchasing an additional 242 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC grew its position in shares of Wells Fargo & Company by 1.0% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 24,859 shares of the financial services provider's stock valued at $974,000 after purchasing an additional 248 shares during the last quarter. Institutional investors and hedge funds own 72.24% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Piper Sandler cut Wells Fargo & Company from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $49.00 to $47.00 in a report on Tuesday, January 17th. Cfra raised Wells Fargo & Company to a "buy" rating and set a $50.00 price objective for the company in a report on Friday, January 13th. Barclays upped their price objective on Wells Fargo & Company from $58.00 to $64.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 3rd. BMO Capital Markets upped their price objective on Wells Fargo & Company from $61.00 to $63.00 and gave the stock a "market perform" rating in a research report on Monday, October 17th. Finally, StockNews.com started coverage on Wells Fargo & Company in a research report on Wednesday, October 12th. They set a "hold" rating for the company. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.09.

Wells Fargo & Company Stock Performance

Wells Fargo & Company (NYSE:WFC – Get Rating) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.04. The company had revenue of $19.66 billion during the quarter, compared to the consensus estimate of $20.04 billion. Wells Fargo & Company had a return on equity of 9.28% and a net margin of 15.91%. Wells Fargo & Company's revenue was down 5.7% on a year-over-year basis. During the same period last year, the business posted $1.38 earnings per share. As a group, sell-side analysts forecast that Wells Fargo & Company will post 4.83 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Friday, February 3rd will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Thursday, February 2nd. Wells Fargo & Company's dividend payout ratio is currently 38.22%.

About Wells Fargo & Company

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Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.

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