Wells Fargo & Company $WFC Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 848,994 shares of the financial services provider’s stock after selling 6,870 shares during the quarter. Cibc World Market Inc.’s holdings in Wells Fargo & Company were worth $79,126,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth $25,000. Navalign LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth $26,000. Redmont Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the third quarter worth $27,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company during the fourth quarter worth $28,000. Finally, Core Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent research reports. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Evercore reissued an “outperform” rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Piper Sandler reissued an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Finally, The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating for the company in a research report on Monday, March 23rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.53.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $78.72 on Thursday. The company has a market cap of $240.90 billion, a P/E ratio of 12.15, a P/E/G ratio of 0.93 and a beta of 0.93. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. Wells Fargo & Company has a 52 week low of $71.93 and a 52 week high of $97.76. The business has a fifty day simple moving average of $79.12 and a 200-day simple moving average of $84.75.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.02. The business had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 6.84 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is currently 27.78%.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Bank of America said Wells Fargo may now be an attractive buying opportunity, noting the stock has fallen more sharply than its underlying fundamentals and now looks cheap relative to peers. Wells Fargo shares at attractive entry point amid execution concerns
• Neutral Sentiment: Wells Fargo is using recent publicity to highlight its consumer and housing franchise, including a new survey showing many first-time homebuyers lack mortgage knowledge. This is more of a brand and engagement story than a direct earnings catalyst. Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren’t and Don’t Know It
• Neutral Sentiment: Wells Fargo also announced that CFO Mike Santomassimo will present at the Morgan Stanley U.S. Financials Conference on June 9, which could provide fresh commentary on strategy and outlook. Wells Fargo to Present at the Morgan Stanley U.S. Financials Conference
• Negative Sentiment: Investor attention is still being weighed down by concerns around Wells Fargo’s execution and the lingering fallout from product-transition issues tied to Bilt’s move away from Wells Fargo as a banking partner, which has prompted CFPB involvement. CFPB Meets With Bilt Following Credit Card Switchover Issues

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.