Cidel Asset Management Inc. Sells 3,617 Shares of Wells Fargo & Company (NYSE:WFC)

Cidel Asset Management Inc. trimmed its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 8.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,017 shares of the financial services provider's stock after selling 3,617 shares during the period. Cidel Asset Management Inc.'s holdings in Wells Fargo & Company were worth $2,945,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $28,000. Rakuten Securities Inc. increased its holdings in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after buying an additional 237 shares during the period. Finally, Parvin Asset Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $32,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Bank of America boosted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wells Fargo & Company in a research note on Wednesday, June 18th. TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy 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 $77.98.

Wells Fargo & Company Trading Up 1.6%

NYSE WFC traded up $1.30 during mid-day trading on Tuesday, reaching $81.42. 20,947,831 shares of the stock were exchanged, compared to its average volume of 17,300,725. The stock has a market cap of $264.96 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.33 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.74. The stock has a 50 day simple moving average of $74.20 and a 200-day simple moving average of $73.15.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The firm had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same period last year, the company posted $1.20 EPS. The business's quarterly revenue was down 3.4% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company declared that its board has initiated a share buyback plan 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 buy up to 17.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wells Fargo & 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.