Exchange Traded Concepts LLC Sells 118,609 Shares of Wells Fargo & Company (NYSE:WFC)

Exchange Traded Concepts LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 89.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,580 shares of the financial services provider's stock after selling 118,609 shares during the period. Exchange Traded Concepts LLC's holdings in Wells Fargo & Company were worth $975,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Ironwood Wealth Management LLC. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $221,000. Brighton Jones LLC boosted its position 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 valued at $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Venturi Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 166.4% during the 4th quarter. Venturi Wealth Management LLC now owns 7,388 shares of the financial services provider's stock valued at $519,000 after purchasing an additional 4,615 shares in the last quarter. Bank of Jackson Hole Trust bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $51,000. Finally, Atlas Legacy Advisors LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $245,000. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on WFC shares. Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Morgan Stanley upped their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Evercore ISI upped their price target 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. The Goldman Sachs Group upped their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Finally, Bank of America upped their price target 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. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus price target of $77.98.

Wells Fargo & Company Stock Performance

WFC stock opened at $74.74 on Friday. The firm has a market cap of $243.21 billion, a PE ratio of 13.42, a P/E/G ratio of 1.25 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business has a 50 day moving average of $72.16 and a 200-day moving average of $72.86. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its 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 company had revenue of $20.15 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 earnings per share. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

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

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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