Envestnet Portfolio Solutions Inc. Lowers Position in Wells Fargo & Company (NYSE:WFC)

Envestnet Portfolio Solutions Inc. reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 39.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 78,758 shares of the financial services provider's stock after selling 50,546 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Wells Fargo & Company were worth $5,654,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ironwood Wealth Management LLC. bought a new position in shares of Wells Fargo & Company during the 4th quarter worth $221,000. Brighton Jones LLC grew its stake in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the period. Bank of Jackson Hole Trust bought a new position in shares of Wells Fargo & Company during the 4th quarter worth $51,000. Bryn Mawr Capital Management LLC grew its stake in shares of Wells Fargo & Company by 8.4% during the 4th quarter. Bryn Mawr Capital Management LLC now owns 3,854 shares of the financial services provider's stock worth $271,000 after acquiring an additional 299 shares during the period. Finally, Concurrent Investment Advisors LLC grew its stake in shares of Wells Fargo & Company by 8.8% during the 4th quarter. Concurrent Investment Advisors LLC now owns 45,046 shares of the financial services provider's stock worth $3,164,000 after acquiring an additional 3,643 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $75.33 on Friday. The stock has a market cap of $245.14 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.25 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The stock's 50-day moving average is $72.42 and its 200 day moving average is $72.87.

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 for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. Wells Fargo & Company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.12%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

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

Analyst Upgrades and Downgrades

WFC has been the subject of several analyst reports. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Evercore ISI raised their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Bank of America raised their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Royal Bank Of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Finally, Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $77.98.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.