Wells Fargo & Company $WFC Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 59.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 791,691 shares of the financial services provider’s stock after acquiring an additional 294,858 shares during the quarter. CIBC Asset Management Inc’s holdings in Wells Fargo & Company were worth $73,786,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Marble Wealth LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth about $1,202,000. Sequent Asset Management LLC boosted its stake in Wells Fargo & Company by 7.5% during the fourth quarter. Sequent Asset Management LLC now owns 6,753 shares of the financial services provider’s stock worth $629,000 after buying an additional 472 shares during the last quarter. Calton & Associates Inc. acquired a new position in Wells Fargo & Company during the fourth quarter worth $242,000. Dynasty Wealth Management LLC boosted its stake in Wells Fargo & Company by 23.5% during the fourth quarter. Dynasty Wealth Management LLC now owns 38,723 shares of the financial services provider’s stock worth $3,609,000 after buying an additional 7,376 shares during the last quarter. Finally, Natixis Advisors LLC boosted its stake in Wells Fargo & Company by 4.6% during the fourth quarter. Natixis Advisors LLC now owns 3,644,124 shares of the financial services provider’s stock worth $339,633,000 after buying an additional 161,239 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on WFC shares. Piper Sandler reissued an “overweight” rating and set a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. UBS Group reissued a “buy” rating and set a $113.00 price objective on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. HSBC upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, April 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $97.53.

Wells Fargo & Company Price Performance

WFC opened at $79.43 on Wednesday. The stock’s 50-day moving average price is $79.08 and its 200 day moving average price is $84.84. Wells Fargo & Company has a 12-month low of $71.93 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The firm has a market cap of $243.07 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.90 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. During the same quarter in the prior year, the company earned $1.39 EPS. Wells Fargo & Company’s revenue was up 6.4% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is presently 27.78%.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo shares rose as recent market commentary highlighted the stock’s recent strength versus the broader market, reinforcing momentum in the name. Wells Fargo (WFC) Rises Higher Than Market: Key Facts
• Positive Sentiment: Investors are also weighing Wells Fargo’s valuation after a recent pullback, which may be drawing value-oriented buyers into the stock. Is Wells Fargo (WFC) Offering Value After Recent Share Price Pullback?
• Positive Sentiment: Wells Fargo is set to present at the Morgan Stanley U.S. Financials Conference next week, which keeps the company in focus and could provide fresh updates on strategy and outlook. Wells Fargo to Present at the Morgan Stanley U.S. Financials Conference

Wells Fargo & Company Company Profile

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.