Tobam Cuts Position in Wells Fargo & Company (NYSE:WFC)

Tobam lowered its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 65.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,506 shares of the financial services provider's stock after selling 6,703 shares during the quarter. Tobam's holdings in Wells Fargo & Company were worth $252,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Spinnaker Trust lifted its position in shares of Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock worth $520,000 after buying an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after purchasing an additional 130 shares during the period. MONECO Advisors LLC grew its stake in Wells Fargo & Company by 1.9% in the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after buying an additional 134 shares in the last quarter. Safeguard Investment Advisory Group LLC grew its stake in Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after buying an additional 137 shares in the last quarter. Finally, Crown Wealth Group LLC grew its stake in Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock valued at $467,000 after buying an additional 140 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 2.3%

Wells Fargo & Company stock traded down $1.70 during mid-day trading on Friday, hitting $72.31. The company's stock had a trading volume of 21,164,035 shares, compared to its average volume of 17,503,719. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $235.31 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The business has a 50 day moving average price of $71.42 and a 200-day moving average price of $72.90. 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 issued 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 firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 earnings per share. As a group, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are typically 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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Analyst Ratings Changes

WFC has been the subject of a number of recent analyst reports. Barclays reduced their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Bank of America boosted their price target 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. TD Cowen initiated coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Finally, Truist Financial reduced their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $77.68.

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.