Occidental Asset Management LLC Sells 2,572 Shares of Wells Fargo & Company (NYSE:WFC)

Occidental Asset Management LLC lowered its position in Wells Fargo & Company (NYSE:WFC) by 32.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,470 shares of the financial services provider’s stock after selling 2,572 shares during the period. Occidental Asset Management LLC’s holdings in Wells Fargo & Company were worth $317,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Teza Capital Management LLC bought a new position in Wells Fargo & Company in the third quarter worth approximately $1,676,000. Sherbrooke Park Advisers LLC purchased a new stake in shares of Wells Fargo & Company in the third quarter worth approximately $403,000. Rehmann Capital Advisory Group raised its stake in shares of Wells Fargo & Company by 4.5% in the third quarter. Rehmann Capital Advisory Group now owns 29,179 shares of the financial services provider’s stock worth $1,192,000 after purchasing an additional 1,248 shares during the last quarter. Waverly Advisors LLC raised its stake in shares of Wells Fargo & Company by 1.8% in the third quarter. Waverly Advisors LLC now owns 16,071 shares of the financial services provider’s stock worth $657,000 after purchasing an additional 291 shares during the last quarter. Finally, United Services Automobile Association raised its stake in shares of Wells Fargo & Company by 13.7% in the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock worth $4,000,000 after purchasing an additional 11,825 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on WFC. Morgan Stanley increased their price objective on Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. JPMorgan Chase & Co. increased their price target on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Jefferies Financial Group increased their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, HSBC increased their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Fourteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $59.15.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $59.39 on Friday. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The business has a fifty day moving average price of $59.55 and a 200-day moving average price of $55.10. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $207.05 billion, a P/E ratio of 12.40, a PEG ratio of 1.46 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same period last year, the company earned $1.23 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Company’s payout ratio is currently 29.23%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.