Sendero Wealth Management LLC Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Sendero Wealth Management LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 22.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 16,009 shares of the financial services provider's stock after selling 4,508 shares during the period. Sendero Wealth Management LLC's holdings in Wells Fargo & Company were worth $1,149,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter worth approximately $30,000. Finally, Rakuten Securities Inc. raised its holdings in shares of Wells Fargo & Company by 126.7% in the fourth 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 last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WFC has been the topic of several recent research reports. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday. 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 report on Monday, March 24th. Raymond James cut their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research report on Monday, April 14th. Barclays reduced their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Finally, TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $77.48.

Wells Fargo & Company Trading Up 1.8%

Wells Fargo & Company stock traded up $1.33 during trading on Friday, reaching $76.23. 7,589,862 shares of the company were exchanged, compared to its average volume of 17,482,966. The stock's 50 day simple moving average is $70.32 and its two-hundred day simple moving average is $72.95. The company has a market capitalization of $248.06 billion, a P/E ratio of 14.17, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

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 (EPS) 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 business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same period last year, the company earned $1.20 EPS. The company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has authorized a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders 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 2.10%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

About Wells Fargo & Company

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.