Van Cleef Asset Management Inc Trims Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Van Cleef Asset Management Inc cut its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 30.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,816 shares of the financial services provider's stock after selling 3,499 shares during the period. Van Cleef Asset Management Inc's holdings in Wells Fargo & Company were worth $561,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of WFC. Brighton Jones LLC increased its holdings in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after buying an additional 25,436 shares in the last quarter. Proficio Capital Partners LLC grew its stake in shares of Wells Fargo & Company by 53.5% in the fourth quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider's stock worth $692,000 after purchasing an additional 3,436 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth $1,219,000. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Wells Fargo & Company by 49.4% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 6,356 shares of the financial services provider's stock worth $493,000 after purchasing an additional 2,103 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Wells Fargo & Company by 11.1% in the fourth quarter. Larson Financial Group LLC now owns 6,808 shares of the financial services provider's stock worth $478,000 after purchasing an additional 679 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WFC. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday. Royal Bank Of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a research note on Thursday, March 13th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday. Bank of America boosted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Finally, JPMorgan Chase & Co. cut 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 report on Thursday, April 3rd. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $78.98.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC stock traded up $0.19 on Wednesday, reaching $81.78. 16,107,019 shares of the company were exchanged, compared to its average volume of 17,398,465. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a one year low of $50.15 and a one year high of $83.95. The company has a market cap of $266.13 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.38 and a beta of 1.16. The company has a 50-day moving average of $75.81 and a 200-day moving average of $73.64.

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, topping analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.20 EPS. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has authorized a share buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

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.