Olstein Capital Management L.P. Lowers Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Olstein Capital Management L.P. trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,716 shares of the financial services provider’s stock after selling 3,284 shares during the period. Olstein Capital Management L.P.’s holdings in Wells Fargo & Company were worth $6,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $28,000. BNP Paribas acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $28,000. McClarren Financial Advisors Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $30,000. Finally, Rakuten Securities Inc. lifted its holdings in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays cut their price target 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. Citigroup dropped their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Raymond James reduced 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. Truist Financial lowered their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.48.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $76.38 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a market capitalization of $248.55 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.18 and a beta of 1.16. The business has a 50-day moving average of $70.42 and a 200-day moving average of $72.95.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared 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 dividend yield of 2.09%. 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 declared that its board has initiated 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 reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & 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.