Trust Point Inc. Decreases Holdings in Wells Fargo & Company (NYSE:WFC)

Trust Point Inc. trimmed its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,040 shares of the financial services provider's stock after selling 4,687 shares during the quarter. Trust Point Inc.'s holdings in Wells Fargo & Company were worth $3,449,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ironwood Wealth Management LLC. purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $221,000. Brighton Jones LLC grew its stake in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. Van ECK Associates Corp purchased a new position in Wells Fargo & Company during the 4th quarter worth $4,342,000. WealthPLAN Partners LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at $224,000. Finally, Spinnaker Trust grew 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. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

WFC has been the subject of a number of research reports. TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective for the company. Morgan Stanley upped their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Barclays decreased their target price 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. Finally, Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $77.98.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock traded up $2.24 during midday trading on Thursday, hitting $74.74. 23,493,486 shares of the company were exchanged, compared to its average volume of 17,513,897. The business has a fifty day simple moving average of $71.93 and a two-hundred day simple moving average of $72.86. 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 capitalization of $243.21 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.22 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share 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 firm had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same period in the previous year, the firm earned $1.20 EPS. The business's quarterly revenue was down 3.4% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has approved a stock repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

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.