Wells Fargo & Company (NYSE:WFC) Shares Sold by NBT Bank N A NY

NBT Bank N A NY trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 18.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 36,037 shares of the financial services provider's stock after selling 8,252 shares during the period. NBT Bank N A NY's holdings in Wells Fargo & Company were worth $2,587,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Valmark Advisers Inc. increased its position in shares of Wells Fargo & Company by 5.5% during the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock worth $583,000 after purchasing an additional 431 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $1,656,000. Modera Wealth Management LLC boosted its stake in Wells Fargo & Company by 14.1% during the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock worth $1,444,000 after buying an additional 2,548 shares during the period. Cornerstone Advisors LLC increased its position in shares of Wells Fargo & Company by 2.1% during the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider's stock valued at $14,343,000 after acquiring an additional 4,200 shares during the last quarter. Finally, Jessup Wealth Management Inc purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $224,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WFC. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Raymond James lowered their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research report on Monday, April 14th. Evercore ISI boosted their price objective on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Finally, Bank of America increased their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average price target of $77.68.

Wells Fargo & Company Stock Up 1.0%

WFC stock opened at $73.07 on Tuesday. The company's 50 day moving average price is $71.65 and its 200 day moving average price is $72.85. The firm has a market capitalization of $237.78 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.18 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. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The firm's revenue was down 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

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

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.

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