Alpha Cubed Investments LLC Sells 3,900 Shares of Wells Fargo & Company (NYSE:WFC)

Alpha Cubed Investments LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 10.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,742 shares of the financial services provider’s stock after selling 3,900 shares during the period. Alpha Cubed Investments LLC’s holdings in Wells Fargo & Company were worth $1,710,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in WFC. Stoneridge Investment Partners LLC lifted its holdings in shares of Wells Fargo & Company by 410.5% in the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock worth $2,757,000 after purchasing an additional 54,262 shares in the last quarter. United Services Automobile Association grew its holdings in shares of Wells Fargo & Company by 13.7% during the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after buying an additional 11,825 shares during the last quarter. Synovus Financial Corp increased its holdings in Wells Fargo & Company by 61.7% during the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock worth $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 fourth quarter valued at approximately $2,499,000. Finally, WealthPlan Investment Management LLC boosted its position in shares of 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 buying an additional 20,351 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on WFC shares. Morgan Stanley raised their price objective on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Compass Point restated a “neutral” rating and set a $64.00 price target on shares of Wells Fargo & Company in a report on Tuesday, April 9th. The Goldman Sachs Group increased their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, April 1st. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Thirteen analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $58.85.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $59.17 on Wednesday. The firm has a market cap of $209.49 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19. 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 company’s 50 day moving average is $57.24 and its 200-day moving average is $49.97. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $61.76.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Sell-side analysts predict that Wells Fargo & Company will post 5.06 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.37%. Wells Fargo & Company’s dividend payout ratio is currently 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.