Synergy Asset Management LLC Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Synergy Asset Management LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 37.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,540 shares of the financial services provider's stock after selling 9,202 shares during the quarter. Synergy Asset Management LLC's holdings in Wells Fargo & Company were worth $1,116,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. Rakuten Securities Inc. grew its position 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 buying an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $75.33 on Friday. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $245.14 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.26 and a beta of 1.16. The firm's fifty day moving average is $72.42 and its two-hundred day moving average is $72.86.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results 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. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period in the prior year, the company earned $1.20 earnings per share. The firm's revenue was down 3.4% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has approved a stock 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 reacquire up to 17.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Bank of America boosted 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. Morgan Stanley boosted their target price 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. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Royal Bank Of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a research note on Thursday, March 13th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $77.98.

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.

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