Aspiriant LLC Decreases Stock Position in Wells Fargo & Company (NYSE:WFC)

Aspiriant LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,881 shares of the financial services provider’s stock after selling 170 shares during the quarter. Aspiriant LLC’s holdings in Wells Fargo & Company were worth $1,571,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in Wells Fargo & Company by 0.9% in the 1st quarter. State of Alaska Department of Revenue now owns 628,397 shares of the financial services provider’s stock worth $45,112,000 after buying an additional 5,850 shares during the period. CWA Asset Management Group LLC increased its stake in Wells Fargo & Company by 19.7% in the 1st quarter. CWA Asset Management Group LLC now owns 58,047 shares of the financial services provider’s stock worth $4,167,000 after buying an additional 9,537 shares during the period. Summa Corp. increased its position in shares of Wells Fargo & Company by 3.7% during the first quarter. Summa Corp. now owns 9,024 shares of the financial services provider’s stock worth $648,000 after acquiring an additional 324 shares during the period. Five Oceans Advisors increased its position in shares of Wells Fargo & Company by 15.5% during the first quarter. Five Oceans Advisors now owns 4,228 shares of the financial services provider’s stock worth $304,000 after acquiring an additional 567 shares during the period. Finally, Rakuten Securities Inc. increased its position in shares of Wells Fargo & Company by 95.5% during the first quarter. Rakuten Securities Inc. now owns 829 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 405 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen initiated coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a “hold” rating and a $83.00 price objective on the stock. 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 report on Monday, April 14th. Bank of America lifted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Finally, The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $77.68.

Wells Fargo & Company Trading Down 0.9%

Shares of Wells Fargo & Company stock opened at $72.51 on Wednesday. The firm has a market capitalization of $235.97 billion, a PE ratio of 13.02, a P/E/G ratio of 1.23 and a beta of 1.16. The firm’s 50-day moving average price is $71.77 and its 200 day moving average price is $72.85. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The company 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 12.15% and a net margin of 16.19%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.20 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.21%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company announced that its board has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are 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.