CI Investments Inc. Sells 264,582 Shares of Wells Fargo & Company (NYSE:WFC)

CI Investments Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 16.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,386,820 shares of the financial services provider’s stock after selling 264,582 shares during the quarter. CI Investments Inc.’s holdings in Wells Fargo & Company were worth $41,854,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ritholtz Wealth Management lifted its position in shares of Wells Fargo & Company by 2.9% during the 4th quarter. Ritholtz Wealth Management now owns 12,572 shares of the financial services provider’s stock valued at $379,000 after acquiring an additional 356 shares during the period. CHICAGO TRUST Co NA lifted its holdings in shares of Wells Fargo & Company by 3.7% in the fourth quarter. CHICAGO TRUST Co NA now owns 11,187 shares of the financial services provider’s stock worth $338,000 after buying an additional 396 shares in the last quarter. Vident Investment Advisory LLC lifted its holdings in shares of Wells Fargo & Company by 3.3% in the fourth quarter. Vident Investment Advisory LLC now owns 12,712 shares of the financial services provider’s stock worth $384,000 after buying an additional 409 shares in the last quarter. Glassman Wealth Services lifted its holdings in shares of Wells Fargo & Company by 3.6% in the fourth quarter. Glassman Wealth Services now owns 11,894 shares of the financial services provider’s stock worth $359,000 after buying an additional 417 shares in the last quarter. Finally, Round Hill Asset Management lifted its holdings in shares of Wells Fargo & Company by 1.2% in the third quarter. Round Hill Asset Management now owns 35,107 shares of the financial services provider’s stock worth $826,000 after buying an additional 421 shares in the last quarter. Hedge funds and other institutional investors own 67.25% of the company’s stock.

A number of brokerages have commented on WFC. Royal Bank of Canada upgraded shares of Wells Fargo & Company from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $25.00 to $31.00 in a research report on Monday, November 30th. Zacks Investment Research raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Thursday, January 21st. Jefferies Financial Group raised Wells Fargo & Company from a “hold” rating to a “buy” rating and raised their price target for the stock from $26.00 to $38.00 in a research note on Thursday, January 7th. Piper Sandler raised their price target on Wells Fargo & Company from $25.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, December 21st. Finally, Compass Point raised Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Friday, November 6th. Eleven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $33.80.

NYSE WFC opened at $37.26 on Tuesday. Wells Fargo & Company has a one year low of $20.76 and a one year high of $46.95. The stock has a 50-day moving average of $32.83 and a 200 day moving average of $27.29. The company has a market capitalization of $154.05 billion, a price-to-earnings ratio of 100.70, a PEG ratio of 4.84 and a beta of 1.07. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.85 and a current ratio of 0.87.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Thursday, January 14th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.04. The business had revenue of $17.93 billion during the quarter, compared to the consensus estimate of $18 billion. Wells Fargo & Company had a return on equity of 3.18% and a net margin of 3.72%. The business’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 EPS. On average, equities analysts predict that Wells Fargo & Company will post 0.48 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 1st. Shareholders of record on Friday, February 5th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, February 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.07%. Wells Fargo & Company’s dividend payout ratio is currently 9.13%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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