Woodmont Investment Counsel LLC Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Woodmont Investment Counsel LLC lowered its position in Wells Fargo & Company (NYSE:WFC) by 4.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 10,826 shares of the financial services provider’s stock after selling 460 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in Wells Fargo & Company were worth $627,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in WFC. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company during the 3rd quarter valued at about $25,000. Arlington Trust Co LLC purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $25,000. Core Wealth Advisors Inc. purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after buying an additional 356,620 shares in the last quarter. Finally, Tennessee Valley Asset Management Partners purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $60.97 on Wednesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The stock has a 50 day moving average price of $59.54 and a two-hundred day moving average price of $55.22. The company has a market capitalization of $212.56 billion, a P/E ratio of 12.73, a PEG ratio of 1.46 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $20.19 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The business’s revenue was up .6% on a year-over-year basis. Analysts expect that Wells Fargo & Company will post 5.13 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 annualized dividend and a yield of 2.30%. Wells Fargo & Company’s payout ratio is currently 29.23%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. HSBC lifted their target price on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Morgan Stanley lifted their price target on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Evercore ISI lifted their price target on Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, June 25th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Fourteen investment 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $59.15.

Wells Fargo & 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.