Auxier Asset Management Reduces Stock Position in Wells Fargo & Company (NYSE:WFC)

Auxier Asset Management lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 1.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,942 shares of the financial services provider’s stock after selling 360 shares during the quarter. Auxier Asset Management’s holdings in Wells Fargo & Company were worth $2,244,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. Rakuten Securities Inc. increased its position in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the period. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.7%

Shares of Wells Fargo & Company stock opened at $72.86 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a market cap of $237.09 billion, a P/E ratio of 13.54, a PEG ratio of 1.18 and a beta of 1.13. The firm’s 50 day moving average price is $70.01 and its 200-day moving average price is $72.82. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm earned $1.20 earnings per share. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.20%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research reports. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Thursday, March 13th. Citigroup decreased their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. JPMorgan Chase & Co. dropped their price target 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. Morgan Stanley raised their price target on Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating 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 company. According to data from MarketBeat.com, the company currently has an average 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.