Wells Fargo & Company (NYSE:WFC) Shares Sold by Cynosure Group LLC

Cynosure Group LLC cut its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,396 shares of the financial services provider's stock after selling 4,762 shares during the period. Wells Fargo & Company comprises 1.1% of Cynosure Group LLC's holdings, making the stock its 20th largest holding. Cynosure Group LLC's holdings in Wells Fargo & Company were worth $7,192,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in WFC. Cinctive Capital Management LP bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $17,132,000. DKM Wealth Management Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth $531,000. Massachusetts Financial Services Co. MA increased its position in Wells Fargo & Company by 28.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,846,015 shares of the financial services provider's stock valued at $199,904,000 after acquiring an additional 626,791 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Wells Fargo & Company by 2.5% in the fourth quarter. Meeder Advisory Services Inc. now owns 61,516 shares of the financial services provider's stock valued at $4,321,000 after acquiring an additional 1,518 shares during the period. Finally, Potomac Fund Management Inc. ADV bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $1,958,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

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Wells Fargo & Company Stock Up 1.4 %

Shares of NYSE:WFC traded up $1.02 on Wednesday, reaching $72.33. The company had a trading volume of 8,823,973 shares, compared to its average volume of 17,106,851. The firm has a market capitalization of $236.17 billion, a PE ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The firm's 50 day simple moving average is $75.50 and its 200-day simple moving average is $70.43.

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

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.74%.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. Piper Sandler increased their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. Compass Point increased their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Citigroup dropped their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Keefe, Bruyette & Woods increased their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Finally, Barclays boosted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a research note on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.39.

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.