Wells Fargo & Company (NYSE:WFC) Shares Sold by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 555,382 shares of the financial services provider's stock after selling 8,613 shares during the quarter. Wells Fargo & Company accounts for approximately 1.4% of Cardinal Capital Management Inc.'s holdings, making the stock its 24th largest holding. Cardinal Capital Management Inc.'s holdings in Wells Fargo & Company were worth $39,871,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the fourth quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company in the fourth quarter worth about $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company in the fourth quarter worth about $28,000. Rakuten Securities Inc. raised its stake in shares of Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $30,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on WFC. Bank of America raised their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Barclays reduced their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Raymond James reduced their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research note on Monday, April 14th. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Seven investment 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $77.68.

Wells Fargo & Company Trading Down 0.7%

NYSE WFC traded down $0.50 on Wednesday, reaching $74.95. 16,439,027 shares of the company were exchanged, compared to its average volume of 17,483,905. The business's fifty day moving average price is $70.70 and its 200 day moving average price is $72.97. The stock has a market capitalization of $243.90 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 earnings per share. 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 disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company declared that its board has authorized a share buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

About Wells Fargo & Company

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.