Sequent Asset Management LLC lowered its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 8.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,131 shares of the financial services provider’s stock after selling 3,678 shares during the period. Wells Fargo & Co accounts for 1.4% of Sequent Asset Management LLC’s investment portfolio, making the stock its 16th largest holding. Sequent Asset Management LLC’s holdings in Wells Fargo & Co were worth $1,891,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Orrstown Financial Services Inc. raised its position in Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after buying an additional 287 shares during the last quarter. Horan Capital Advisors LLC. purchased a new position in Wells Fargo & Co during the 1st quarter worth $27,000. Nalls Sherbakoff Group LLC purchased a new position in Wells Fargo & Co during the 4th quarter worth $32,000. SevenBridge Financial Group LLC raised its position in Wells Fargo & Co by 500.0% during the 4th quarter. SevenBridge Financial Group LLC now owns 1,200 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,000 shares during the last quarter. Finally, Financial Gravity Wealth Inc. purchased a new position in Wells Fargo & Co during the 1st quarter worth $37,000. Hedge funds and other institutional investors own 71.12% of the company’s stock.
Shares of WFC opened at $46.17 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $225.21 billion, a PE ratio of 10.54, a P/E/G ratio of 0.88 and a beta of 1.09. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53.
The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a $0.45 dividend. The ex-dividend date is Thursday, May 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.90%. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.
A number of brokerages have commented on WFC. Deutsche Bank downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and cut their price objective for the stock from $56.00 to $54.00 in a research report on Friday, March 29th. BMO Capital Markets cut 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 report on Monday, April 15th. Morgan Stanley cut their price objective on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, April 15th. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $58.00 to $50.00 in a research report on Sunday, March 31st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. Wells Fargo & Co currently has an average rating of “Hold” and a consensus target price of $56.22.
In other news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.
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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.
Further Reading: Are sell-side analysts objective?
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