Watch Point Trust Co Reduces Position in Wells Fargo & Co (WFC)

Watch Point Trust Co lowered its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 8.2% during the 1st quarter, HoldingsChannel reports. The fund owned 28,229 shares of the financial services provider’s stock after selling 2,537 shares during the period. Watch Point Trust Co’s holdings in Wells Fargo & Co were worth $1,364,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. BKD Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co during the fourth quarter worth $1,418,000. DORCHESTER WEALTH MANAGEMENT Co increased its holdings in shares of Wells Fargo & Co by 36.2% during the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 110,568 shares of the financial services provider’s stock worth $5,095,000 after buying an additional 29,382 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV increased its holdings in shares of Wells Fargo & Co by 9.6% during the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 16,477 shares of the financial services provider’s stock worth $759,000 after buying an additional 1,445 shares in the last quarter. Cooper Financial Group acquired a new position in shares of Wells Fargo & Co during the fourth quarter worth $553,000. Finally, Mercer Capital Advisers Inc. increased its holdings in shares of Wells Fargo & Co by 81.3% during the fourth quarter. Mercer Capital Advisers Inc. now owns 1,171 shares of the financial services provider’s stock worth $54,000 after buying an additional 525 shares in the last quarter. 72.01% of the stock is currently owned by institutional investors and hedge funds.

WFC traded down $0.28 during trading on Wednesday, reaching $46.05. 142,688 shares of the stock traded hands, compared to its average volume of 21,902,617. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $222.72 billion, a P/E ratio of 10.54, a price-to-earnings-growth ratio of 0.86 and a beta of 1.09. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The business had revenue of $21.61 billion for the quarter, compared to analysts’ expectations of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter in the prior year, the firm posted $0.96 earnings per share. As a group, research analysts predict that Wells Fargo & Co will post 4.75 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.80 dividend on an annualized basis and a yield of 3.91%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.10%.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the sale, the insider now owns 3,066 shares of the company’s stock, valued at $142,599.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Several brokerages recently weighed in on WFC. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, March 19th. Raymond James raised shares of Wells Fargo & Co from an “underperform” rating to a “market perform” rating and set a $50.08 price objective on the stock in a research note on Friday, March 29th. Deutsche Bank cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $56.00 to $54.00 in a research note on Friday, March 29th. Keefe, Bruyette & Woods cut shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Finally, Morgan Stanley reduced their price objective on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $56.22.

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Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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