Picton Mahoney Asset Management Sells 1,521 Shares of Wells Fargo & Company (NYSE:WFC)

Picton Mahoney Asset Management cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 71,259 shares of the financial services provider’s stock after selling 1,521 shares during the period. Picton Mahoney Asset Management’s holdings in Wells Fargo & Company were worth $5,004,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Buckley Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $211,000. Intact Investment Management Inc. boosted its position in Wells Fargo & Company by 3.8% during the fourth quarter. Intact Investment Management Inc. now owns 187,000 shares of the financial services provider’s stock valued at $13,135,000 after purchasing an additional 6,850 shares during the last quarter. Northwest Wealth Management LLC boosted its position in Wells Fargo & Company by 3.0% during the fourth quarter. Northwest Wealth Management LLC now owns 14,846 shares of the financial services provider’s stock valued at $1,043,000 after purchasing an additional 431 shares during the last quarter. Atala Financial Inc acquired a new position in Wells Fargo & Company during the fourth quarter valued at approximately $552,000. Finally, LBP AM SA boosted its position in Wells Fargo & Company by 199.2% during the fourth quarter. LBP AM SA now owns 53,216 shares of the financial services provider’s stock valued at $3,738,000 after purchasing an additional 35,429 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $70.96 on Friday. The stock has a market cap of $233.31 billion, a P/E ratio of 13.19, a PEG ratio of 1.18 and a beta of 1.16. The stock has a 50 day simple moving average of $75.89 and a 200 day simple moving average of $68.93. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS 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 for the quarter, compared to analyst estimates of $20.58 billion. During the same quarter last year, the company earned $0.86 EPS. The company’s revenue was down .5% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.25%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. UBS Group increased their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Compass Point increased their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Citigroup increased their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Barclays increased their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $74.39.

About Wells Fargo & Company

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.