Occidental Asset Management LLC Has $471,000 Holdings in Wells Fargo & Co (NYSE:WFC)

Occidental Asset Management LLC lowered its stake in Wells Fargo & Co (NYSE:WFC) by 9.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,944 shares of the financial services provider’s stock after selling 1,013 shares during the period. Occidental Asset Management LLC’s holdings in Wells Fargo & Co were worth $471,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in WFC. Grove Bank & Trust increased its stake 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 acquiring an additional 214 shares during the period. Legacy Bridge LLC increased its stake in Wells Fargo & Co by 1.2% during the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after acquiring an additional 230 shares during the period. Telos Capital Management Inc. increased its stake in Wells Fargo & Co by 4.3% during the first quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock valued at $272,000 after acquiring an additional 234 shares during the period. Augustine Asset Management Inc. increased its stake in Wells Fargo & Co by 1.6% during the first quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock valued at $733,000 after acquiring an additional 241 shares during the period. Finally, Brand Asset Management Group Inc. increased its stake in Wells Fargo & Co by 96.8% during the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 242 shares during the period. 76.89% of the stock is owned by institutional investors.

Several equities analysts recently issued reports on WFC shares. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a research note on Thursday, June 27th. Buckingham Research lowered their price target on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Wolfe Research lowered Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Finally, Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $51.12.

Shares of WFC stock traded down $0.58 during trading hours on Thursday, hitting $43.39. The company had a trading volume of 932,670 shares, compared to its average volume of 22,285,064. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a market cap of $200.13 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The stock’s fifty day moving average is $47.06. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the company posted $0.98 EPS. The company’s revenue was up .1% compared to the same quarter last year. On average, research analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a $0.51 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.

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

Wells Fargo & Co Company Profile

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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