Clifford Swan Investment Counsel LLC Lowers Position in Wells Fargo & Company (NYSE:WFC)

Clifford Swan Investment Counsel LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.1% during the fourth quarter, HoldingsChannel reports. The firm owned 625,094 shares of the financial services provider’s stock after selling 19,932 shares during the period. Wells Fargo & Company comprises 1.2% of Clifford Swan Investment Counsel LLC’s portfolio, making the stock its 15th largest holding. Clifford Swan Investment Counsel LLC’s holdings in Wells Fargo & Company were worth $30,767,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Brown Advisory Inc. boosted its holdings in shares of Wells Fargo & Company by 6.7% in the 3rd quarter. Brown Advisory Inc. now owns 247,652 shares of the financial services provider’s stock valued at $10,119,000 after buying an additional 15,658 shares in the last quarter. Sage Mountain Advisors LLC boosted its stake in Wells Fargo & Company by 5.8% in the third quarter. Sage Mountain Advisors LLC now owns 9,468 shares of the financial services provider’s stock valued at $387,000 after acquiring an additional 516 shares in the last quarter. Everhart Financial Group Inc. boosted its stake in Wells Fargo & Company by 19.9% in the third quarter. Everhart Financial Group Inc. now owns 8,859 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 1,473 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Wells Fargo & Company by 5.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,252,776 shares of the financial services provider’s stock worth $51,188,000 after purchasing an additional 61,959 shares during the last quarter. Finally, BluePath Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the third quarter worth $59,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.2 %

Wells Fargo & Company stock traded up $0.11 during trading hours on Friday, hitting $59.94. The company had a trading volume of 17,298,461 shares, compared to its average volume of 19,706,676. Wells Fargo & Company has a fifty-two week low of $36.40 and a fifty-two week high of $61.76. The firm’s fifty day moving average is $57.63 and its 200-day moving average is $50.35. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $212.21 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.16 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share 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 company had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. During the same period last year, the company earned $1.23 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. On average, research analysts forecast that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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 $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Compass Point restated a “neutral” rating and set a $64.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. HSBC raised their target price on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 price objective (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Jefferies Financial Group increased their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their target price on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday. Fourteen equities 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, the stock presently has an average rating of “Hold” and a consensus target price of $58.99.

About Wells Fargo & Company

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.