West Oak Capital LLC Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

West Oak Capital LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 7.5% during the 1st quarter, Holdings Channel reports. The firm owned 6,200 shares of the financial services provider’s stock after selling 500 shares during the period. West Oak Capital LLC’s holdings in Wells Fargo & Company were worth $445,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. McClarren Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $30,000. Finally, 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 purchasing an additional 237 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America lifted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. reduced their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Evercore ISI lifted their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Finally, Truist Financial cut their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Seven investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.68.

Wells Fargo & Company Price Performance

WFC opened at $74.95 on Thursday. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a 50 day moving average of $70.98 and a two-hundred day moving average of $72.99. The company has a market cap of $243.90 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.18 and a beta of 1.16. 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 quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share 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 during the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the prior year, the company earned $1.20 EPS. The firm’s revenue was down 3.4% on a year-over-year basis. On average, analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has approved a share repurchase 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 repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The business 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 yield of 2.13%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company 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.