Olstein Capital Management L.P. Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Olstein Capital Management L.P. trimmed its position in Wells Fargo & Company (NYSE:WFC) by 18.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,000 shares of the financial services provider’s stock after selling 30,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Wells Fargo & Company were worth $7,535,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Slagle Financial LLC boosted its stake in Wells Fargo & Company by 97.3% in the 4th quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock worth $6,822,000 after purchasing an additional 68,356 shares during the period. Ballentine Partners LLC boosted its position in shares of Wells Fargo & Company by 5.4% during the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after acquiring an additional 1,835 shares during the last quarter. Trust Point Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $2,499,000. Wedmont Private Capital boosted its position in shares of Wells Fargo & Company by 16.4% during the 1st quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after acquiring an additional 21,496 shares during the last quarter. Finally, G2 Capital Management LLC OH bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $278,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on WFC. Compass Point reiterated a “neutral” rating and set a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 target price (up from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Evercore ISI increased their target price on Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, June 25th. Jefferies Financial Group lifted their price objective on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Fourteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $59.36.

Wells Fargo & Company Stock Down 0.5 %

Shares of WFC stock traded down $0.31 on Wednesday, hitting $60.66. The stock had a trading volume of 6,698,813 shares, compared to its average volume of 18,370,920. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average price of $59.54 and a 200 day moving average price of $55.30. The company has a market cap of $211.48 billion, a PE ratio of 12.66, a P/E/G ratio of 1.46 and a beta of 1.17. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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. The firm had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.13 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.31%. Wells Fargo & Company’s dividend payout ratio is presently 29.23%.

Wells Fargo & 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.