Cary Street Partners Financial LLC Acquires Shares of 11,867 Wells Fargo & Company (NYSE:WFC)

Cary Street Partners Financial LLC bought a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,867 shares of the financial services provider's stock, valued at approximately $834,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $3,365,658,000. Northern Trust Corp increased its holdings in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock valued at $1,430,742,000 after buying an additional 238,131 shares in the last quarter. Capital Research Global Investors grew its position in shares of Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares in the last quarter. Finally, Capital World Investors increased its holdings in shares of Wells Fargo & Company by 0.4% in the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after acquiring an additional 62,099 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WFC has been the subject of a number of research reports. Bank of America decreased their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Barclays cut their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Finally, Citigroup lowered their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $75.34.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $73.29 on Friday. The company has a market capitalization of $238.49 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a fifty day moving average of $69.07 and a 200-day moving average of $72.07. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.18%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Wells Fargo & Company 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.

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