Livforsakringsbolaget Skandia Omsesidigt Sells 1,000 Shares of Wells Fargo & Company (NYSE:WFC)

Livforsakringsbolaget Skandia Omsesidigt reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 2.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,722 shares of the financial services provider’s stock after selling 1,000 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Wells Fargo & Company were worth $2,493,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Spinnaker Trust grew its stake in shares of 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 buying an additional 130 shares in the last quarter. Shakespeare Wealth Management LLC grew its stake in shares of 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 buying an additional 130 shares in the last quarter. MONECO Advisors LLC grew its stake in shares of 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 buying an additional 134 shares in the last quarter. Safeguard Investment Advisory Group LLC grew its stake in shares of 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 buying an additional 137 shares in the last quarter. Finally, Crown Wealth Group LLC grew its stake in shares of 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 buying an additional 140 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC opened at $76.40 on Tuesday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a 50-day moving average of $70.50 and a 200 day moving average of $72.96. The firm has a market capitalization of $248.61 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $20.82 billion. During the same period last year, the firm earned $1.20 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has approved a share buyback plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Bank of America lifted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. dropped their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, Citigroup dropped 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 research note on Monday, March 24th. 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.48.

About Wells Fargo & Company

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.