Bank of Stockton Sells 2,293 Shares of Wells Fargo & Company (NYSE:WFC)

Bank of Stockton lowered its position in Wells Fargo & Company (NYSE:WFC) by 3.9% in the 1st quarter, Holdings Channel reports. The fund owned 57,183 shares of the financial services provider’s stock after selling 2,293 shares during the quarter. Wells Fargo & Company accounts for 1.3% of Bank of Stockton’s holdings, making the stock its 16th biggest holding. Bank of Stockton’s holdings in Wells Fargo & Company were worth $4,105,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. KG&L Capital Management LLC grew its holdings in Wells Fargo & Company by 1.8% in the first quarter. KG&L Capital Management LLC now owns 10,227 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 183 shares during the period. KPP Advisory Services LLC bought a new position in Wells Fargo & Company during the 1st quarter valued at approximately $708,000. Western Wealth Management LLC boosted its holdings in Wells Fargo & Company by 13.5% in the first quarter. Western Wealth Management LLC now owns 13,775 shares of the financial services provider’s stock worth $989,000 after acquiring an additional 1,635 shares in the last quarter. Sabal Trust CO grew its stake in shares of Wells Fargo & Company by 27.0% in the first quarter. Sabal Trust CO now owns 26,073 shares of the financial services provider’s stock worth $1,872,000 after acquiring an additional 5,545 shares during the last quarter. Finally, Salzhauer Michael increased its holdings in shares of Wells Fargo & Company by 52.5% during the first quarter. Salzhauer Michael now owns 203,933 shares of the financial services provider’s stock valued at $14,640,000 after acquiring an additional 70,200 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.2%

WFC opened at $79.08 on Thursday. The firm’s 50 day simple moving average is $73.27 and its two-hundred day simple moving average is $72.96. The company has a market capitalization of $257.34 billion, a PE ratio of 14.20, a PEG ratio of 1.31 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year 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 earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The company had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. During the same period last year, the firm earned $1.20 EPS. Wells Fargo & Company’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced 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 reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors 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 2.02%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Analyst Ratings Changes

WFC has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Evercore ISI increased their price target on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Piper Sandler restated an “overweight” rating and issued a $85.00 price objective (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Royal Bank Of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Thursday, March 13th. Finally, The Goldman Sachs Group lifted their target price on 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $77.98.

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.