Tradition Wealth Management LLC Reduces Position in Wells Fargo & Company (NYSE:WFC)

Tradition Wealth Management LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 7.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 28,929 shares of the financial services provider’s stock after selling 2,263 shares during the period. Tradition Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,424,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. Arlington Trust Co LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Tennessee Valley Asset Management Partners acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $29,000. Fortis Group Advisors LLC acquired a new position in shares of Wells Fargo & Company in the third quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $32,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth about $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.2 %

Shares of NYSE:WFC traded up $0.71 during mid-day trading on Friday, reaching $59.92. 25,386,837 shares of the company were exchanged, compared to its average volume of 14,286,395. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market cap of $208.90 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 1.58 and a beta of 1.18. The firm’s 50-day simple moving average is $59.24 and its 200 day simple moving average is $53.12. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55.

Wells Fargo & Company (NYSE:WFCGet Free Report) last posted its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.23 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.08 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.34%. Wells Fargo & Company’s payout ratio is currently 29.23%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WFC. JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Citigroup restated a “neutral” rating and set a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 price target (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Finally, Compass Point reiterated a “neutral” rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Fourteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $58.99.

Check Out Our Latest Stock Analysis on WFC

About Wells Fargo & Company

(Free Report)

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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