Douglas Lane & Associates LLC Has $490,000 Holdings in Wells Fargo & Company (NYSE:WFC)

Douglas Lane & Associates LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 35.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,823 shares of the financial services provider’s stock after selling 3,809 shares during the period. Douglas Lane & Associates LLC’s holdings in Wells Fargo & Company were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Spinnaker Trust boosted its stake in Wells Fargo & Company by 1.8% in the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after purchasing an additional 130 shares during the period. Shakespeare Wealth Management LLC boosted its stake in Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares during the period. MONECO Advisors LLC boosted its stake in Wells Fargo & Company by 1.9% in the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 134 shares during the period. Safeguard Investment Advisory Group LLC boosted its stake in Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 137 shares during the period. Finally, Crown Wealth Group LLC boosted its stake in Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 140 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $74.62 on Monday. The company’s 50 day moving average price is $70.07 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 firm has a market cap of $242.83 billion, a PE ratio of 13.87, a PEG ratio of 1.18 and a beta of 1.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

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. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the prior year, the business posted $1.20 EPS. The business’s revenue was down 3.4% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current 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. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. Wells Fargo & Company’s dividend payout ratio is 28.73%.

Wells Fargo & Company announced that its board has initiated a stock buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WFC. Barclays reduced their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Bank of America cut their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Finally, TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a “hold” rating and a $83.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

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.