Wells Fargo & Co (NYSE:WFC) Shares Sold by Bristol Advisors LLC

Bristol Advisors LLC cut its holdings in Wells Fargo & Co (NYSE:WFC) by 25.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,900 shares of the financial services provider’s stock after selling 3,100 shares during the period. Wells Fargo & Co comprises approximately 1.0% of Bristol Advisors LLC’s holdings, making the stock its 13th biggest position. Bristol Advisors LLC’s holdings in Wells Fargo & Co were worth $430,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Grove Bank & Trust grew its position in Wells Fargo & Co by 1.5% during the first quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 214 shares in the last quarter. Telos Capital Management Inc. grew its position in Wells Fargo & Co by 4.2% in the fourth quarter. Telos Capital Management Inc. now owns 5,390 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 216 shares in the last quarter. Legacy Bridge LLC grew its position in Wells Fargo & Co by 1.2% in the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock worth $928,000 after acquiring an additional 230 shares in the last quarter. Augustine Asset Management Inc. grew its position in Wells Fargo & Co by 1.6% in the first quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock worth $733,000 after acquiring an additional 241 shares in the last quarter. Finally, Brand Asset Management Group Inc. lifted its stake in shares of Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the last quarter. 75.35% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently weighed in on WFC. Deutsche Bank cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $56.00 to $54.00 in a research note on Friday, March 29th. Atlantic Securities cut shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research note on Tuesday, June 11th. Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a research note on Thursday. BMO Capital Markets reduced their price objective on shares of Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a research note on Monday, April 15th. Finally, Morgan Stanley cut their target price on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $54.50.

Wells Fargo & Co stock traded up $0.36 on Monday, hitting $47.68. The company’s stock had a trading volume of 15,089,000 shares, compared to its average volume of 21,057,295. The stock has a market capitalization of $216.18 billion, a price-to-earnings ratio of 10.89, a P/E/G ratio of 0.90 and a beta of 1.08. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35. The firm has a fifty day simple moving average of $45.96. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. The business had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. During the same quarter in the prior year, the firm earned $0.96 EPS. On average, analysts predict that Wells Fargo & Co will post 4.7 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.

Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is owned by corporate insiders.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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