Wells Fargo & Company $WFC Shares Purchased by CIBC Asset Management Inc

Key Points

• CIBC Asset Management Inc boosted its Wells Fargo stake by 59.3% in the fourth quarter, holding 791,691 shares valued at about $73.8 million after buying an additional 294,858 shares.
• Analysts remain broadly constructive on Wells Fargo, with a consensus rating of Moderate Buy and an average price target of $97.53, though some firms recently trimmed their targets or lowered their ratings.
• Wells Fargo reported Q1 EPS of $1.60, beating expectations by a penny, and also paid a $0.45 quarterly dividend that implies an annual yield of about 2.3%.

CIBC Asset Management Inc increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 59.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 791,691 shares of the financial services provider's stock after acquiring an additional 294,858 shares during the period. CIBC Asset Management Inc's holdings in Wells Fargo & Company were worth $73,786,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Godfrey Financial Associates Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $26,000. Redmont Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the third quarter worth about $27,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $29,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 15th. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They set a "buy" rating and a $100.00 price target on the stock. UBS Group restated a "buy" rating and set a $113.00 price target on shares of Wells Fargo & Company in a research report on Wednesday, February 4th. Barclays dropped their price target on shares of Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 15th. Finally, KGI Securities lowered shares of Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $97.53.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo shares rose as recent market commentary highlighted the stock’s recent strength versus the broader market, reinforcing momentum in the name. Wells Fargo (WFC) Rises Higher Than Market: Key Facts
• Positive Sentiment: Investors are also weighing Wells Fargo’s valuation after a recent pullback, which may be drawing value-oriented buyers into the stock. Is Wells Fargo (WFC) Offering Value After Recent Share Price Pullback?
• Positive Sentiment: Wells Fargo is set to present at the Morgan Stanley U.S. Financials Conference next week, which keeps the company in focus and could provide fresh updates on strategy and outlook. Wells Fargo to Present at the Morgan Stanley U.S. Financials Conference

Wells Fargo & Company Stock Up 2.9%

Shares of NYSE WFC opened at $79.43 on Wednesday. The company's 50-day simple moving average is $79.08 and its 200-day simple moving average is $84.84. Wells Fargo & Company has a 52-week low of $71.93 and a 52-week high of $97.76. The firm has a market cap of $243.07 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 0.90 and a beta of 0.93. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business's revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. Equities analysts predict that Wells Fargo & Company will post 6.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's payout ratio is currently 27.78%.

Wells Fargo & Company 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.

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