Mackenzie Financial Corp Increases Holdings in Wells Fargo & Company (NYSE:WFC)

Mackenzie Financial Corp raised its position in Wells Fargo & Company (NYSE:WFC) by 34.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,690,924 shares of the financial services provider’s stock after purchasing an additional 433,292 shares during the period. Mackenzie Financial Corp’s holdings in Wells Fargo & Company were worth $83,227,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kathmere Capital Management LLC boosted its position in Wells Fargo & Company by 19.5% in the 3rd quarter. Kathmere Capital Management LLC now owns 7,248 shares of the financial services provider’s stock valued at $296,000 after buying an additional 1,185 shares during the last quarter. Stoneridge Investment Partners LLC raised its stake in shares of Wells Fargo & Company by 410.5% in the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock valued at $2,757,000 after purchasing an additional 54,262 shares in the last quarter. United Services Automobile Association raised its stake in shares of Wells Fargo & Company by 13.7% in the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after purchasing an additional 11,825 shares in the last quarter. Synovus Financial Corp raised its stake in shares of Wells Fargo & Company by 61.7% in the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock valued at $4,983,000 after purchasing an additional 46,525 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at about $5,143,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on WFC shares. Robert W. Baird restated a “neutral” rating and issued a $55.00 target price on shares of Wells Fargo & Company in a research note on Monday, January 8th. Raymond James increased their price objective on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 16th. Jefferies Financial Group increased their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday. Finally, Evercore ISI increased their price objective on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Thirteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.85.

Wells Fargo & Company Trading Up 0.2 %

Shares of WFC stock opened at $57.10 on Tuesday. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $58.44. The company has a market capitalization of $202.16 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.18 and a beta of 1.19. The firm has a 50-day moving average price of $55.08 and a 200 day moving average price of $48.44. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same period in the previous year, the firm posted $1.23 earnings per share. The company’s revenue was up .6% on a year-over-year basis. Research analysts forecast that Wells Fargo & Company will post 4.68 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio is 29.23%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.