Sirios Capital Management L P Sells 74,647 Shares of Wells Fargo & Company (NYSE:WFC)

Sirios Capital Management L P reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 36.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 128,319 shares of the financial services provider's stock after selling 74,647 shares during the quarter. Wells Fargo & Company comprises approximately 1.6% of Sirios Capital Management L P's investment portfolio, making the stock its 22nd biggest holding. Sirios Capital Management L P's holdings in Wells Fargo & Company were worth $9,013,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $26,000. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Rakuten Securities Inc. boosted its stake in shares of 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 acquiring an additional 237 shares in the last quarter. Modus Advisors LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $30,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $30,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Piper Sandler dropped their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Finally, Raymond James cut their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research note on Monday, April 14th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $75.34.

Wells Fargo & Company Trading Up 3.5 %

NYSE:WFC opened at $66.24 on Wednesday. The company has a market capitalization of $216.28 billion, a PE ratio of 12.31, a P/E/G ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The stock's 50 day moving average price is $70.67 and its 200 day moving average price is $71.28. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.42%. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

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.

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