Cidel Asset Management Inc. Trims Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Cidel Asset Management Inc. trimmed its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 44,634 shares of the financial services provider's stock after selling 5,347 shares during the quarter. Cidel Asset Management Inc.'s holdings in Wells Fargo & Company were worth $3,135,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in WFC. Jacobsen Capital Management increased its stake in Wells Fargo & Company by 2.8% in the fourth quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 148 shares during the last quarter. Quad Cities Investment Group LLC lifted its holdings in Wells Fargo & Company by 0.3% during the 4th quarter. Quad Cities Investment Group LLC now owns 52,576 shares of the financial services provider's stock worth $3,693,000 after buying an additional 158 shares during the last quarter. Investors Research Corp lifted its holdings in Wells Fargo & Company by 1.2% during the 3rd quarter. Investors Research Corp now owns 13,461 shares of the financial services provider's stock worth $760,000 after buying an additional 160 shares during the last quarter. Ellenbecker Investment Group lifted its holdings in Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider's stock worth $250,000 after buying an additional 164 shares during the last quarter. Finally, Income Research & Management acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $211,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler raised their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. Citigroup raised their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 19th. Keefe, Bruyette & Woods raised their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research report on Thursday, January 16th. Phillip Securities upgraded Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and increased their price objective for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Wells Fargo & Company presently has an average rating of "Hold" and a consensus target price of $73.39.

Wells Fargo & Company Stock Performance

WFC traded down $1.72 during midday trading on Monday, reaching $78.95. The company had a trading volume of 8,596,950 shares, compared to its average volume of 14,958,968. The business has a 50-day moving average price of $73.89 and a two-hundred day moving average price of $65.51. Wells Fargo & Company has a 12-month low of $47.59 and a 12-month high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market cap of $262.88 billion, a PE ratio of 14.67, a P/E/G ratio of 1.22 and a beta of 1.18.

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

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company's payout ratio is presently 29.74%.

About Wells Fargo & Company

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.