Delta Asset Management LLC TN Trims Stake in Wells Fargo & Company (NYSE:WFC)

Delta Asset Management LLC TN reduced its stake in Wells Fargo & Company (NYSE:WFC) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 466,075 shares of the financial services provider’s stock after selling 7,857 shares during the quarter. Wells Fargo & Company makes up approximately 2.2% of Delta Asset Management LLC TN’s investment portfolio, making the stock its 16th biggest position. Delta Asset Management LLC TN’s holdings in Wells Fargo & Company were worth $22,940,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. United Services Automobile Association boosted its position in shares of Wells Fargo & Company by 13.7% in the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock worth $4,000,000 after purchasing an additional 11,825 shares during the period. Synovus Financial Corp raised its stake in Wells Fargo & Company by 61.7% during the third quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock valued at $4,983,000 after purchasing an additional 46,525 shares in the last quarter. Trust Point Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $2,499,000. WealthPlan Investment Management LLC increased its position in Wells Fargo & Company by 2,174.3% during the third quarter. WealthPlan Investment Management LLC now owns 21,287 shares of the financial services provider’s stock valued at $870,000 after acquiring an additional 20,351 shares during the last quarter. Finally, G2 Capital Management LLC OH bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $278,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, April 1st. HSBC boosted 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. JPMorgan Chase & Co. increased their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Citigroup reissued a “neutral” rating and issued a $63.00 price objective (up previously from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Finally, StockNews.com raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Fourteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.99.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $0.53 during trading hours on Wednesday, hitting $60.93. 10,292,920 shares of the company were exchanged, compared to its average volume of 18,569,752. The company’s 50 day moving average price is $58.87 and its 200-day moving average price is $52.15. The stock has a market capitalization of $212.42 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.17 and a beta of 1.18. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.19 billion. During the same period in the prior year, the firm earned $1.23 EPS. The firm’s revenue was up .6% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.30%. Wells Fargo & Company’s payout ratio is presently 29.23%.

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.