Integrated Investment Consultants LLC Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Key Points

• Integrated Investment Consultants LLC decreased its holdings in Wells Fargo by 61.6%, selling over 15,000 shares, reducing their stake to 9,820 shares worth approximately $705,000.
• Wells Fargo's recent earnings report showed a net margin of 16.82% and a return on equity of 12.29%, with an EPS of $1.54, exceeding analysts' expectations.
• The company has initiated a $40 billion share buyback plan that will allow it to repurchase up to 17.2% of its outstanding shares, indicating confidence in its valuation by the board.

Integrated Investment Consultants LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 61.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,820 shares of the financial services provider's stock after selling 15,766 shares during the quarter. Integrated Investment Consultants LLC's holdings in Wells Fargo & Company were worth $705,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the fourth quarter worth approximately $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Parvin Asset Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Dunhill Financial LLC lifted its holdings in Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 193 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on WFC shares. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. TD Cowen began coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Finally, Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded down $1.29 during mid-day trading on Monday, hitting $83.03. 10,625,988 shares of the company were exchanged, compared to its average volume of 19,290,604. The firm has a market cap of $270.19 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.31 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $84.83. The stock has a 50 day simple moving average of $77.86 and a 200-day simple moving average of $74.63.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. Wells Fargo & Company's quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is currently 27.40%.

Wells Fargo & Company declared that its board has initiated a share buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally 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.