Apexium Financial LP Sells 8,976 Shares of Wells Fargo & Company $WFC

Key Points

• Apexium Financial LP has reduced its stake in Wells Fargo & Company by 69.4%, selling 8,976 shares and holding 3,960 shares worth <$284,000 as of the latest SEC filing.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, up from $0.40, representing a 2.3% yield and a payout ratio of 30.82%.
• Analysts have mixed views on Wells Fargo, with a consensus rating of "Moderate Buy" and a target price of $81.58, and recent rating adjustments highlighting differing opinions on the stock's performance.

Apexium Financial LP lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 69.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,960 shares of the financial services provider's stock after selling 8,976 shares during the period. Apexium Financial LP's holdings in Wells Fargo & Company were worth $284,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $28,000. Motco lifted its stake in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at $29,000. Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $32,000. Finally, Stone House Investment Management LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at $34,000. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target for the company. Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday. The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Finally, Bank of America increased their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Eleven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.58.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $79.0680 on Monday. The firm has a 50-day moving average of $79.55 and a 200-day moving average of $74.88. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market cap of $253.29 billion, a PE ratio of 13.54, a P/E/G ratio of 1.23 and a beta of 1.20. Wells Fargo & Company has a 52-week low of $50.22 and a 52-week high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its board has approved a share repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be given a dividend of $0.45 per share. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's payout ratio is 30.82%.

Wells Fargo & Company Company Profile

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

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