Selway Asset Management Has $1.95 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Selway Asset Management lessened its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 28.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,200 shares of the financial services provider's stock after selling 10,600 shares during the period. Selway Asset Management's holdings in Wells Fargo & Company were worth $1,953,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth $26,000. Investment Counsel Co. of Nevada bought a new stake in Wells Fargo & Company during the fourth quarter worth about $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. boosted its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after acquiring an additional 237 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on WFC shares. Morgan Stanley raised their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday. Evercore ISI upped their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research report on Wednesday. Raymond James dropped their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Finally, Royal Bank of Canada upgraded shares of 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 report on Thursday, March 13th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $77.48.

Wells Fargo & Company Stock Down 0.3%

Shares of WFC traded down $0.22 on Wednesday, hitting $75.43. The company's stock had a trading volume of 29,556,571 shares, compared to its average volume of 17,465,253. The firm's fifty day moving average price is $70.17 and its 200-day moving average price is $72.93. 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 quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $245.46 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm's revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors 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 dividend on an annualized basis and a dividend yield of 2.12%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company declared that its board has authorized a share repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback programs are generally 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.