243,909 Shares in Wells Fargo & Company (NYSE:WFC) Bought by Cinctive Capital Management LP

Cinctive Capital Management LP purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 243,909 shares of the financial services provider’s stock, valued at approximately $17,132,000. Wells Fargo & Company makes up 0.9% of Cinctive Capital Management LP’s investment portfolio, making the stock its 19th biggest holding.

A number of other large investors have also added to or reduced their stakes in the company. DKM Wealth Management Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $531,000. Massachusetts Financial Services Co. MA increased its holdings in Wells Fargo & Company by 28.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,846,015 shares of the financial services provider’s stock valued at $199,904,000 after purchasing an additional 626,791 shares during the period. Meeder Advisory Services Inc. raised its position in Wells Fargo & Company by 2.5% during the 4th quarter. Meeder Advisory Services Inc. now owns 61,516 shares of the financial services provider’s stock valued at $4,321,000 after purchasing an additional 1,518 shares during the last quarter. Potomac Fund Management Inc. ADV purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $1,958,000. Finally, Groupama Asset Managment grew its position in shares of Wells Fargo & Company by 30.9% in the 4th quarter. Groupama Asset Managment now owns 75,652 shares of the financial services provider’s stock worth $5,327,000 after buying an additional 17,841 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $71.27 on Wednesday. The business has a fifty day moving average price of $75.60 and a 200-day moving average price of $70.42. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market capitalization of $232.72 billion, a PE ratio of 13.25, a PEG ratio of 1.18 and a beta of 1.16. 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 released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same period last year, the business earned $0.86 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. 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 2.24%. Wells Fargo & Company’s payout ratio is currently 29.74%.

Analyst Ratings Changes

A number of equities analysts recently commented on WFC shares. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial upped their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Barclays increased their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, The Goldman Sachs Group lifted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $74.97.

Wells Fargo & 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.