Wells Fargo & Co (WFC) Stake Lowered by Good Life Advisors LLC

Good Life Advisors LLC lessened its position in Wells Fargo & Co (NYSE:WFC) by 27.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,559 shares of the financial services provider’s stock after selling 5,550 shares during the period. Good Life Advisors LLC’s holdings in Wells Fargo & Co were worth $743,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Thomaspartners Inc. lifted its position in Wells Fargo & Co by 2.8% during the 1st quarter. Thomaspartners Inc. now owns 5,683,034 shares of the financial services provider’s stock worth $297,848,000 after buying an additional 155,862 shares in the last quarter. Mirador Capital Partners LP lifted its position in Wells Fargo & Co by 8.4% during the 1st quarter. Mirador Capital Partners LP now owns 59,681 shares of the financial services provider’s stock worth $3,101,000 after buying an additional 4,626 shares in the last quarter. Inverness Counsel LLC NY lifted its position in Wells Fargo & Co by 352.8% during the 1st quarter. Inverness Counsel LLC NY now owns 42,835 shares of the financial services provider’s stock worth $2,245,000 after buying an additional 33,375 shares in the last quarter. American Assets Investment Management LLC raised its holdings in Wells Fargo & Co by 3.3% during the 1st quarter. American Assets Investment Management LLC now owns 940,000 shares of the financial services provider’s stock worth $49,265,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in Wells Fargo & Co by 16.9% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 937,445 shares of the financial services provider’s stock worth $49,131,000 after purchasing an additional 135,297 shares during the last quarter. Institutional investors and hedge funds own 76.18% of the company’s stock.

Shares of WFC stock opened at $55.26 on Wednesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.88 and a quick ratio of 0.86. The stock has a market capitalization of $261.94 billion, a PE ratio of 13.45, a P/E/G ratio of 1.45 and a beta of 1.13. Wells Fargo & Co has a one year low of $49.27 and a one year high of $66.31.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. The company had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $21.74 billion. Wells Fargo & Co had a return on equity of 12.46% and a net margin of 22.80%. Wells Fargo & Co’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.00 EPS. sell-side analysts expect that Wells Fargo & Co will post 4.57 earnings per share for the current fiscal year.

Wells Fargo & Co announced that its board has initiated a share repurchase program on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 4th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.82%. Wells Fargo & Co’s payout ratio is 37.96%.

Several brokerages have weighed in on WFC. Sandler O’Neill reissued a “buy” rating and set a $64.00 price objective on shares of Wells Fargo & Co in a report on Friday, April 13th. Bank of America dropped their price objective on Wells Fargo & Co from $70.00 to $69.00 and set a “buy” rating for the company in a report on Monday, February 5th. Vetr raised Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $54.10 price objective for the company in a report on Wednesday, April 11th. Barclays dropped their price objective on Wells Fargo & Co from $71.00 to $66.00 and set an “overweight” rating for the company in a report on Monday, April 16th. Finally, Morgan Stanley cut Wells Fargo & Co from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the stock. Wells Fargo & Co currently has an average rating of “Hold” and an average target price of $61.83.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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