Chapin Davis Inc. Has $299,000 Stock Position in Wells Fargo & Company (NYSE:WFC)

Chapin Davis Inc. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,160 shares of the financial services provider’s stock after selling 262 shares during the period. Chapin Davis Inc.’s holdings in Wells Fargo & Company were worth $299,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Breakwater Capital Group boosted its holdings in Wells Fargo & Company by 9.4% in the 1st quarter. Breakwater Capital Group now owns 16,906 shares of the financial services provider’s stock valued at $980,000 after purchasing an additional 1,454 shares during the period. Deltec Asset Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at $203,000. Cornerstone Wealth Group LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at $292,000. Physician Wealth Advisors Inc. raised its stake in shares of Wells Fargo & Company by 6.1% in the 1st quarter. Physician Wealth Advisors Inc. now owns 7,156 shares of the financial services provider’s stock valued at $404,000 after buying an additional 413 shares in the last quarter. Finally, New Mexico Educational Retirement Board increased its position in shares of Wells Fargo & Company by 15.7% during the 1st quarter. New Mexico Educational Retirement Board now owns 225,916 shares of the financial services provider’s stock worth $13,094,000 after purchasing an additional 30,700 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on WFC shares. Citigroup restated a “neutral” rating and issued a $63.00 price objective (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. HSBC lifted their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Oppenheimer reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. The Goldman Sachs Group lifted their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, Compass Point reiterated a “neutral” rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Fourteen analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $59.15.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $60.59 on Tuesday. The stock has a market capitalization of $211.24 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 1.46 and a beta of 1.17. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The stock’s 50 day moving average price is $59.55 and its two-hundred day moving average price is $55.15. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87.

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, topping analysts’ consensus estimates of $1.10 by $0.10. The company had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the business earned $1.23 EPS. On average, equities analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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