Zurcher Kantonalbank Zurich Cantonalbank Decreases Holdings in Wells Fargo & Company (NYSE:WFC)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 43.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 704,911 shares of the financial services provider’s stock after selling 547,865 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Wells Fargo & Company were worth $34,696,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Kathmere Capital Management LLC increased its stake in shares of 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 worth $296,000 after purchasing an additional 1,185 shares in the last quarter. Stoneridge Investment Partners LLC increased 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 worth $2,757,000 after purchasing an additional 54,262 shares in the last quarter. United Services Automobile Association increased 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 worth $4,000,000 after purchasing an additional 11,825 shares in the last quarter. Synovus Financial Corp increased 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 worth $4,983,000 after purchasing an additional 46,525 shares in the last quarter. Finally, Trust Point Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth $2,499,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 1.0 %

Shares of NYSE:WFC opened at $56.40 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 12 month low of $36.40 and a 12 month high of $58.44. The company has a 50-day moving average price of $55.25 and a 200 day moving average price of $48.55. The company has a market cap of $199.68 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.15 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating 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 firm had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter last year, the firm earned $1.23 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 4.86 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s payout ratio is 29.23%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday. Raymond James increased their price target on 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. Barclays increased their price target on Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Evercore ISI increased their price target on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Finally, Piper Sandler cut their price target on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, January 16th. Thirteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.85.

Wells Fargo & 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.