Wells Fargo & Company (NYSE:WFC) Position Reduced by Cullinan Associates Inc.

Cullinan Associates Inc. reduced its position in Wells Fargo & Company (NYSE:WFC) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,145 shares of the financial services provider’s stock after selling 300 shares during the period. Cullinan Associates Inc.’s holdings in Wells Fargo & Company were worth $1,863,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in WFC. Lazari Capital Management Inc. lifted its position in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Lazari Capital Management Inc. now owns 22,804 shares of the financial services provider’s stock worth $1,122,000 after purchasing an additional 202 shares during the last quarter. Webster Bank N. A. increased its position in Wells Fargo & Company by 2.0% in the 1st quarter. Webster Bank N. A. now owns 10,153 shares of the financial services provider’s stock worth $588,000 after buying an additional 202 shares during the period. First Financial Corp IN lifted its holdings in shares of Wells Fargo & Company by 4.9% during the fourth quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock worth $226,000 after buying an additional 214 shares during the last quarter. CX Institutional boosted its position in shares of Wells Fargo & Company by 1.1% in the fourth quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock valued at $998,000 after acquiring an additional 217 shares during the period. Finally, Cape Investment Advisory Inc. grew its stake in shares of Wells Fargo & Company by 3.4% in the fourth quarter. Cape Investment Advisory Inc. now owns 6,746 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC opened at $60.97 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $212.56 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 1.46 and a beta of 1.17. The company’s 50 day simple moving average is $59.54 and its 200-day simple moving average is $55.22. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.23 earnings per share. Sell-side analysts anticipate that Wells Fargo & Company will post 5.13 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 29.23%.

Analyst Ratings Changes

A number of analysts have weighed in on WFC shares. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Argus lifted their target price on Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Jefferies Financial Group upped their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $62.00 price objective (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Finally, Oppenheimer restated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Fourteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $59.15.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.