Naviter Wealth LLC Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Naviter Wealth LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 4.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 41,594 shares of the financial services provider’s stock after selling 1,800 shares during the quarter. Naviter Wealth LLC’s holdings in Wells Fargo & Company were worth $2,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $2,623,044,000. Capital World Investors boosted its stake in shares of Wells Fargo & Company by 1.0% during the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after buying an additional 263,176 shares during the period. Sanders Capital LLC increased its stake in shares of Wells Fargo & Company by 3.2% during the fourth quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock worth $1,241,231,000 after acquiring an additional 781,772 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Wells Fargo & Company by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock valued at $1,143,770,000 after purchasing an additional 526,178 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Wells Fargo & Company by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,941,772 shares of the financial services provider’s stock worth $932,352,000 after acquiring an additional 596,521 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC stock traded up $0.38 during mid-day trading on Tuesday, hitting $60.97. 9,523,882 shares of the stock traded hands, compared to its average volume of 18,463,414. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The company’s 50-day simple moving average is $59.54 and its 200-day simple moving average is $55.22. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55. The firm has a market cap of $212.56 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth 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 EPS for the quarter, beating 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 company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, equities research analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Citigroup reissued a “neutral” rating and set a $63.00 price objective (up previously from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. HSBC raised their price target on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a report 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. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price objective (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. upped 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. Fourteen equities 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $59.15.

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.