Perigon Wealth Management LLC Lowers Stake in Wells Fargo & Company (NYSE:WFC)

Perigon Wealth Management LLC reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 146,488 shares of the financial services provider's stock after selling 50,699 shares during the period. Perigon Wealth Management LLC's holdings in Wells Fargo & Company were worth $10,516,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in WFC. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Rakuten Securities Inc. increased its stake 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, Parvin Asset Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $32,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.7%

NYSE:WFC traded down $0.54 during midday trading on Friday, hitting $79.42. 21,282,981 shares of the company were exchanged, compared to its average volume of 17,268,393. The company has a fifty day simple moving average of $73.88 and a 200 day simple moving average of $73.08. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. 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 has a market capitalization of $258.44 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.33 and a beta of 1.16.

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

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

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.01%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Analyst Ratings Changes

WFC has been the topic of several recent research reports. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. TD Cowen assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Bank of America increased their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. dropped 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 report on Thursday, April 3rd. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average target price 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.