Cinctive Capital Management LP Decreases Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Cinctive Capital Management LP reduced its holdings in Wells Fargo & Company by 6.5%, now owning approximately 227,975 shares worth $16.36 million, making it the fund's 17th largest position.
• Analysts have mixed sentiments about Wells Fargo, with ten analysts rating it a Buy and seven a Hold, while the consensus target price is set at $82.56.
• Wells Fargo recently announced an increase in its quarterly dividend from $0.40 to $0.45, leading to an annualized dividend yield of 2.2% and a payout ratio of 30.82%.

Cinctive Capital Management LP trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 227,975 shares of the financial services provider's stock after selling 15,934 shares during the quarter. Wells Fargo & Company accounts for about 1.2% of Cinctive Capital Management LP's holdings, making the stock its 17th largest position. Cinctive Capital Management LP's holdings in Wells Fargo & Company were worth $16,366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $29,000. Motco increased its position in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in Wells Fargo & Company in the first quarter worth $34,000. Dunhill Financial LLC increased its position in Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after buying an additional 193 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth $35,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on WFC. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Trading Down 1.6%

NYSE WFC opened at $80.51 on Thursday. The stock's 50-day simple moving average is $80.51 and its two-hundred day simple moving average is $75.06. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $257.89 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.28 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 EPS. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio is presently 30.82%.

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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