Axxcess Wealth Management LLC Has $3.64 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Axxcess Wealth Management LLC reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 32.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,725 shares of the financial services provider's stock after selling 23,852 shares during the quarter. Axxcess Wealth Management LLC's holdings in Wells Fargo & Company were worth $3,642,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Investment Counsel Co. of Nevada bought a new stake in Wells Fargo & Company in the 4th quarter valued at $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $28,000. Rakuten Securities Inc. increased its stake in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the last quarter. Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $32,000. Finally, Dunhill Financial LLC increased its stake in Wells Fargo & Company by 63.7% in the 4th quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after buying an additional 193 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC stock traded up $0.10 during trading hours on Friday, hitting $82.46. 6,285,659 shares of the company's stock traded hands, compared to its average volume of 17,219,145. The stock's 50 day simple moving average is $76.24 and its 200 day simple moving average is $73.78. The stock has a market cap of $268.32 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.37 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $83.94. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 earnings per share. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has authorized a stock buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Analyst Ratings Changes

Several brokerages have issued reports on WFC. TD Cowen began 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 on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday. Finally, Bank of America boosted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Eight research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.98.

Wells Fargo & 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.