Delta Investment Management LLC Cuts Position in Wells Fargo & Company $WFC

Delta Investment Management LLC lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,076 shares of the financial services provider’s stock after selling 244 shares during the quarter. Delta Investment Management LLC’s holdings in Wells Fargo & Company were worth $508,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. BNP Paribas acquired a new position in Wells Fargo & Company during the fourth quarter worth $28,000. Motco raised its position in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter valued at about $29,000. Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $32,000. Finally, Stone House Investment Management LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth approximately $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC stock opened at $81.55 on Wednesday. The business’s fifty day moving average price is $79.87 and its 200 day moving average price is $74.93. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $261.23 billion, a PE ratio of 13.96, a P/E/G ratio of 1.25 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the prior year, the company earned $1.33 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is presently 30.82%.

Wells Fargo & Company announced that its board has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on WFC shares. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Citigroup reiterated a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Evercore ISI restated an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Finally, TD Cowen started coverage on Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 target price for the company. Eleven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $81.58.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.