Wells Fargo & Company (NYSE:WFC) Shares Sold by Worth Asset Management LLC

Worth Asset Management LLC lowered its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 76.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,649 shares of the financial services provider's stock after selling 25,474 shares during the quarter. Worth Asset Management LLC's holdings in Wells Fargo & Company were worth $549,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Ironwood Wealth Management LLC. bought a new position in Wells Fargo & Company in the fourth quarter worth about $221,000. Brighton Jones LLC increased its position 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 purchasing an additional 25,436 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $67,000. Custom Index Systems LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth $246,000. Finally, Waldron Private Wealth LLC boosted its holdings in Wells Fargo & Company by 1.8% in the fourth quarter. Waldron Private Wealth LLC now owns 14,248 shares of the financial services provider's stock worth $1,001,000 after acquiring an additional 254 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WFC shares. Citigroup decreased their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Bank of America decreased their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Raymond James dropped their price objective on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a report on Monday, April 14th. Barclays cut their target price on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $75.73.

Wells Fargo & Company Price Performance

Shares of WFC traded up $0.95 during trading hours on Tuesday, hitting $75.67. 13,001,337 shares of the stock were exchanged, compared to its average volume of 17,399,924. The stock's 50-day moving average price is $70.10 and its two-hundred day moving average price is $72.91. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month 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. The company has a market cap of $246.26 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board has approved a share buyback 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 buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's 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.