Zurcher Kantonalbank Zurich Cantonalbank Has $146.13 Million Holdings in Wells Fargo & Company $WFC

Key Points

• Zurcher Kantonalbank cut its stake in Wells Fargo by 3.6% in Q4 and now owns 1,567,954 shares valued at $146.13 million.
• 75.90% institutional ownership of WFC, while insiders sold 115,000 shares (~$10.05 million) last quarter and now own just 0.14% of the stock.
• Analyst sentiment is mixed but favorable overall with an average rating of "Moderate Buy" and an average target price of $97.75, though several firms recently trimmed targets.

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Wells Fargo & Company (NYSE:WFC) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,567,954 shares of the financial services provider's stock after selling 58,967 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Wells Fargo & Company were worth $146,133,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after acquiring an additional 25,436 shares during the period. Jump Financial LLC lifted its position in shares of Wells Fargo & Company by 12.9% in the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after acquiring an additional 2,615 shares during the period. Main Street Financial Solutions LLC lifted its position in shares of Wells Fargo & Company by 111.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after acquiring an additional 7,368 shares during the period. Vivaldi Capital Management LP grew its holdings in shares of Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its holdings in shares of Wells Fargo & Company by 51.2% during the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock worth $2,044,000 after purchasing an additional 8,714 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of a number of recent research reports. Wolfe Research restated an "outperform" rating and issued a $109.00 target price on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Morgan Stanley decreased their price target on shares of Wells Fargo & Company from $108.00 to $100.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 31st. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Company from $99.50 to $91.00 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Piper Sandler restated an "overweight" rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday. Finally, KGI Securities downgraded shares of Wells Fargo & Company to a "hold" rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $97.75.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $81.47 on Monday. The business has a 50 day simple moving average of $82.24 and a 200 day simple moving average of $86.16. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $251.37 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 0.95 and a beta of 1.06. Wells Fargo & Company has a one year low of $63.40 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $21.45 billion for the quarter, compared to analysts' expectations of $21.85 billion. During the same period in the prior year, the business posted $1.39 earnings per share. The business's revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, March 1st. Stockholders of record on Friday, February 6th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio is presently 27.78%.

Insider Buying and Selling

In related news, EVP Ellen R. Patterson sold 60,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the completion of the sale, the executive vice president owned 169,496 shares in the company, valued at $14,813,950.40. This trade represents a 26.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kleber Santos sold 25,000 shares of Wells Fargo & Company stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the transaction, the executive vice president directly owned 79,876 shares of the company's stock, valued at $7,006,722.72. This represents a 23.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 115,000 shares of company stock worth $10,050,000 in the last quarter. 0.14% of the stock is owned by corporate insiders.

Wells Fargo & 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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