Van Cleef Asset Management Inc Sells 3,499 Shares of 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 fund 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 filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Shakespeare Wealth Management LLC lifted its holdings in 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 buying an additional 130 shares during the period. Safeguard Investment Advisory Group LLC lifted its holdings 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 worth $410,000 after buying an additional 137 shares during the period. Jaffetilchin Investment Partners LLC lifted its holdings in Wells Fargo & Company by 0.6% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock worth $1,580,000 after buying an additional 144 shares during the period. TCTC Holdings LLC lifted its holdings in Wells Fargo & Company by 2.1% in the 4th quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider's stock worth $529,000 after buying an additional 152 shares during the period. Finally, Highline Wealth Partners LLC lifted its holdings in Wells Fargo & Company by 1.1% in the 1st quarter. Highline Wealth Partners LLC now owns 13,815 shares of the financial services provider's stock worth $992,000 after buying an additional 156 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.7%

Shares of Wells Fargo & Company stock traded up $0.61 on Thursday, reaching $82.40. The company's stock had a trading volume of 5,130,359 shares, compared to its average volume of 17,372,306. The company has a market capitalization of $268.15 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 1.37 and a beta of 1.16. The firm's fifty day simple moving average is $76.03 and its two-hundred day simple moving average is $73.70. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $83.95. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its Board of Directors has approved a stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on WFC. Royal Bank Of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday. The Goldman Sachs Group restated a "buy" rating and issued a $86.00 target price on shares of Wells Fargo & Company in a research note on Tuesday. Barclays lowered their target price 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 assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Eight research 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $78.98.

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.