Wells Fargo & Company (NYSE:WFC) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC decreased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 32.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $3,365,658,000. Capital Research Global Investors raised its position in Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. GAMMA Investing LLC raised its position in Wells Fargo & Company by 7,887.9% in the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after purchasing an additional 3,350,605 shares during the last quarter. Northern Trust Corp increased its stake in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $198,801,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Royal Bank Of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Bank of America boosted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average price target of $78.98.

Wells Fargo & Company Stock Up 0.7%

Shares of WFC traded up $0.54 during midday trading on Thursday, reaching $82.33. 14,340,562 shares of the stock were exchanged, compared to its average volume of 17,428,139. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $83.95. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The company's 50 day moving average is $76.03 and its two-hundred day moving average is $73.70. The company has a market capitalization of $267.92 billion, a P/E ratio of 14.78, a PEG ratio of 1.37 and a beta of 1.16.

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

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 1.94%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

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

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.