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

Cidel Asset Management Inc. lessened 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 and Exchange Commission (SEC). The fund owned 44,634 shares of the financial services provider’s stock after selling 5,347 shares during the period. Cidel Asset Management Inc.’s holdings in Wells Fargo & Company were worth $3,135,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Cardinal Capital Management Inc. lifted its holdings in shares of 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. lifted its stake in Wells Fargo & Company by 37.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock valued at $36,055,000 after acquiring an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp lifted its stake in 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 acquiring an additional 26,320 shares in the last quarter. Chartwell Investment Partners LLC boosted its holdings in 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 stake in shares of Wells Fargo & Company by 34.6% in the 3rd 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. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.8 %

Wells Fargo & Company stock opened at $80.76 on Friday. The firm has a market capitalization of $268.89 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 1.22 and a beta of 1.18. The firm has a 50 day simple moving average of $73.80 and a 200 day simple moving average of $65.28. Wells Fargo & Company has a 1-year low of $47.47 and a 1-year high of $81.50. 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 (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.86 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Analyst Upgrades and Downgrades

WFC has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Evercore ISI boosted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Truist Financial upped their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Finally, Barclays upped their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and a consensus price target of $73.39.

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.