Municipal Employees Retirement System of Michigan Invests $8.14 Million in Wells Fargo & Co (WFC)

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Municipal Employees Retirement System of Michigan purchased a new position in Wells Fargo & Co (NYSE:WFC) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 176,680 shares of the financial services provider’s stock, valued at approximately $8,142,000. Wells Fargo & Co makes up about 0.5% of Municipal Employees Retirement System of Michigan’s holdings, making the stock its 26th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of WFC. Telos Capital Management Inc. increased its stake in shares of Wells Fargo & Co by 4.2% in the fourth quarter. Telos Capital Management Inc. now owns 5,390 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 216 shares during the period. Jackson Grant Investment Advisers Inc. increased its stake in shares of Wells Fargo & Co by 3.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 6,600 shares of the financial services provider’s stock worth $304,000 after acquiring an additional 229 shares during the period. Massey Quick Simon & CO. LLC increased its stake in shares of Wells Fargo & Co by 8.0% in the fourth quarter. Massey Quick Simon & CO. LLC now owns 3,354 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 249 shares during the period. Golub Group LLC increased its stake in shares of Wells Fargo & Co by 0.8% in the fourth quarter. Golub Group LLC now owns 32,255 shares of the financial services provider’s stock worth $1,486,000 after acquiring an additional 264 shares during the period. Finally, Van Strum & Towne Inc. increased its stake in shares of Wells Fargo & Co by 3.0% in the fourth quarter. Van Strum & Towne Inc. now owns 9,230 shares of the financial services provider’s stock worth $425,000 after acquiring an additional 265 shares during the period. 72.19% of the stock is owned by institutional investors and hedge funds.

WFC stock opened at $47.65 on Wednesday. The firm has a market cap of $226.77 billion, a P/E ratio of 10.88, a PEG ratio of 0.85 and a beta of 1.11. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The company had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter last year, the business earned $0.96 earnings per share. Research analysts predict that Wells Fargo & Co will post 4.93 earnings per share for the current year.

WFC has been the topic of a number of research reports. Robert W. Baird reiterated a “buy” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Morgan Stanley dropped their price target on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday. Credit Suisse Group restated a “hold” rating and set a $60.00 price target on shares of Wells Fargo & Co in a research report on Friday, January 11th. Deutsche Bank lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and dropped their price target for the company from $56.00 to $54.00 in a research report on Friday, March 29th. Finally, ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. Wells Fargo & Co has an average rating of “Hold” and a consensus target price of $56.35.

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About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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