Cinctive Capital Management LP Takes $17.13 Million Position in Wells Fargo & Company (NYSE:WFC)

Cinctive Capital Management LP acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 243,909 shares of the financial services provider’s stock, valued at approximately $17,132,000. Wells Fargo & Company accounts for 0.9% of Cinctive Capital Management LP’s holdings, making the stock its 19th biggest holding.

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

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded down $5.39 during trading on Thursday, reaching $66.87. 13,140,653 shares of the company traded hands, compared to its average volume of 17,093,658. The stock has a market capitalization of $218.34 billion, a PE ratio of 12.43, a P/E/G ratio of 1.18 and a beta of 1.16. The firm has a 50 day simple moving average of $75.50 and a 200-day simple moving average of $70.43. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter last year, the firm earned $0.86 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. UBS Group boosted their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Bank of America lowered their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods raised 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. Finally, Truist Financial lifted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $75.55.

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.