Cinctive Capital Management LP Purchases New Shares in Wells Fargo & Company (NYSE:WFC)

Cinctive Capital Management LP purchased a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 243,909 shares of the financial services provider's stock, valued at approximately $17,132,000. Wells Fargo & Company comprises 0.9% of Cinctive Capital Management LP's portfolio, making the stock its 19th biggest position.

A number of other hedge funds have also modified their holdings of the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $26,000. Modus Advisors LLC bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $30,000. McClarren Financial Advisors Inc. bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $30,000. Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $32,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on WFC shares. Citigroup dropped their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Truist Financial boosted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday, January 16th. Morgan Stanley boosted their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the company an "overweight" rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.39.

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Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded up $1.02 during midday trading on Wednesday, hitting $72.33. 8,823,973 shares of the company's stock were exchanged, compared to its average volume of 17,106,851. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $236.17 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company's 50 day moving average price is $75.50 and its 200 day moving average price is $70.43.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analysts' expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.86 earnings per share. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.21%. Wells Fargo & Company's dividend payout ratio is currently 29.74%.

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.