Wells Fargo & Company (NYSE:WFC) Shares Sold by ERTS Wealth Advisors LLC

ERTS Wealth Advisors LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 7.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,425 shares of the financial services provider’s stock after selling 421 shares during the quarter. ERTS Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $389,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WFC. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Rakuten Securities Inc. boosted its stake in shares of Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $75.33 on Friday. The business’s 50 day moving average price is $72.42 and its 200 day moving average price is $72.87. The company has a market cap of $245.14 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.25 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued 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. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same period last year, the company earned $1.20 EPS. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its board has authorized a stock repurchase 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 often a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

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 2.12%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is currently 28.73%.

Analyst Ratings Changes

Several equities research analysts recently commented on WFC shares. Citigroup cut their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Raymond James Financial restated a “strong-buy” rating on shares of Wells Fargo & Company in a research report on Wednesday. Bank of America lifted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Seven investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.98.

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.