Boit C F David Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Boit C F David cut its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 32.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,519 shares of the financial services provider's stock after selling 5,000 shares during the quarter. Boit C F David's holdings in Wells Fargo & Company were worth $755,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $26,000. 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 position in Wells Fargo & Company in the 4th quarter valued at $28,000. Rakuten Securities Inc. increased its position in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares during the period. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $30,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 0.2%

Wells Fargo & Company stock traded down $0.14 during midday trading on Monday, reaching $74.64. The stock had a trading volume of 11,235,076 shares, compared to its average volume of 17,416,673. The company has a fifty day moving average price of $70.07 and a two-hundred day moving average price of $72.91. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $242.90 billion, a P/E ratio of 13.87, a PEG ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a share repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.14%. Wells Fargo & Company's payout ratio is 28.73%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on WFC shares. Citigroup lowered their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Piper Sandler cut their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. TD Cowen started coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus target price of $75.73.

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.