American International Group Inc. Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

American International Group Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 922,445 shares of the financial services provider’s stock after selling 14,828 shares during the period. American International Group Inc.’s holdings in Wells Fargo & Company were worth $45,403,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Core Wealth Advisors Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $25,000. Arlington Trust Co LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $25,000. Tennessee Valley Asset Management Partners purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $29,000. Fortis Group Advisors LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at $25,000. Finally, Wetzel Investment Advisors Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on WFC. Citigroup restated a “neutral” rating and issued a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Oppenheimer restated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. HSBC raised their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Fourteen analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $58.99.

Wells Fargo & Company Price Performance

Shares of WFC stock traded up $0.13 during trading hours on Friday, hitting $57.40. The stock had a trading volume of 15,375,353 shares, compared to its average volume of 14,025,280. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. 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 stock’s 50-day moving average price is $59.38 and its two-hundred day moving average price is $54.18. The stock has a market capitalization of $200.11 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.51 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the previous year, the firm posted $1.23 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were issued a $0.35 dividend. The ex-dividend date was Thursday, May 9th. This represents a $1.40 annualized dividend and a dividend yield of 2.44%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.23%.

About Wells Fargo & Company

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.