CIBC Asset Management Inc Sells 8,396 Shares of Wells Fargo & Company $WFC

CIBC Asset Management Inc reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 1.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 496,833 shares of the financial services provider’s stock after selling 8,396 shares during the period. CIBC Asset Management Inc’s holdings in Wells Fargo & Company were worth $41,645,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Heritage Investment Group Inc. lifted its holdings in shares of Wells Fargo & Company by 14.7% in the 3rd quarter. Heritage Investment Group Inc. now owns 7,120 shares of the financial services provider’s stock valued at $597,000 after acquiring an additional 915 shares during the last quarter. FSB Premier Wealth Management Inc. increased its stake in Wells Fargo & Company by 17.0% during the third quarter. FSB Premier Wealth Management Inc. now owns 40,457 shares of the financial services provider’s stock worth $3,391,000 after acquiring an additional 5,884 shares during the last quarter. 1834 Investment Advisors Co. raised its position in Wells Fargo & Company by 0.8% during the third quarter. 1834 Investment Advisors Co. now owns 18,162 shares of the financial services provider’s stock valued at $1,522,000 after purchasing an additional 136 shares during the period. Patten & Patten Inc. TN raised its position in Wells Fargo & Company by 7.0% during the third quarter. Patten & Patten Inc. TN now owns 7,606 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 499 shares during the period. Finally, BLB&B Advisors LLC lifted its stake in shares of Wells Fargo & Company by 21.8% in the 3rd quarter. BLB&B Advisors LLC now owns 19,238 shares of the financial services provider’s stock valued at $1,613,000 after purchasing an additional 3,448 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WFC shares. Evercore ISI cut their target price on Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Thursday, January 15th. UBS Group cut their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Freedom Capital lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 15th. Finally, HSBC reiterated a “hold” rating and set a $74.00 price target on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Thirteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.87.

Wells Fargo & Company Trading Down 1.2%

NYSE WFC opened at $87.00 on Monday. The company’s 50-day moving average price is $90.33 and its 200-day moving average price is $85.02. The company has a current ratio of 0.90, a quick ratio of 0.84 and a debt-to-equity ratio of 1.05. The stock has a market cap of $273.11 billion, a PE ratio of 13.88, a PEG ratio of 0.95 and a beta of 1.09. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The company had revenue of $11.97 billion during the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the business posted $1.43 EPS. Equities research analysts forecast 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 Monday, December 1st. Stockholders of record on Friday, November 7th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s payout ratio is currently 28.71%.

Wells Fargo & 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.