Cidel Asset Management Inc. Sells 5,347 Shares of Wells Fargo & Company (NYSE:WFC)

Cidel Asset Management Inc. reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 10.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,634 shares of the financial services provider’s stock after selling 5,347 shares during the quarter. Cidel Asset Management Inc.’s holdings in Wells Fargo & Company were worth $3,135,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Cardinal Capital Management Inc. raised its stake in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Wells Fargo & Company by 37.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after buying an additional 173,083 shares during the last quarter. Atlantic Union Bankshares Corp raised its position in shares of Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 26,320 shares in the last quarter. Chartwell Investment Partners LLC lifted its holdings in shares of Wells Fargo & Company by 16.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock worth $7,504,000 after acquiring an additional 18,717 shares during the last quarter. Finally, Argus Investors Counsel Inc. grew its position in Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after acquiring an additional 8,107 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.8 %

Shares of Wells Fargo & Company stock opened at $80.76 on Friday. The company has a market capitalization of $268.89 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.22 and a beta of 1.18. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company has a fifty day moving average of $73.80 and a 200 day moving average of $65.28. Wells Fargo & Company has a fifty-two week low of $47.47 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The business’s quarterly revenue was down .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.74%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WFC. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Truist Financial upped their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Evercore ISI upped their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Piper Sandler lifted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.