Cardinal Capital Management Inc. Boosts Position in Wells Fargo & Co (NYSE:WFC)

Cardinal Capital Management Inc. raised its position in Wells Fargo & Co (NYSE:WFC) by 3.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 340,613 shares of the financial services provider’s stock after purchasing an additional 11,716 shares during the quarter. Wells Fargo & Co accounts for approximately 1.6% of Cardinal Capital Management Inc.’s portfolio, making the stock its 26th largest position. Cardinal Capital Management Inc.’s holdings in Wells Fargo & Co were worth $16,458,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Kentucky Retirement Systems purchased a new stake in shares of Wells Fargo & Co during the 3rd quarter valued at $17,968,000. Teachers Advisors LLC increased its position in shares of Wells Fargo & Co by 1.9% during the 3rd quarter. Teachers Advisors LLC now owns 8,781,342 shares of the financial services provider’s stock valued at $461,547,000 after purchasing an additional 163,234 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Wells Fargo & Co by 5.7% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 15,545,982 shares of the financial services provider’s stock valued at $817,097,000 after purchasing an additional 839,794 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new stake in shares of Wells Fargo & Co during the 3rd quarter valued at $396,000. Finally, Auxier Asset Management increased its position in shares of Wells Fargo & Co by 4.7% during the 3rd quarter. Auxier Asset Management now owns 31,262 shares of the financial services provider’s stock valued at $1,643,000 after purchasing an additional 1,402 shares during the last quarter. 72.01% of the stock is currently owned by institutional investors.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is owned by company insiders.

NYSE WFC traded down $0.23 during trading hours on Wednesday, hitting $46.10. The company had a trading volume of 13,153,700 shares, compared to its average volume of 21,813,342. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35. The company has a market cap of $222.72 billion, a P/E ratio of 10.53, a P/E/G ratio of 0.86 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The business had revenue of $21.61 billion during the quarter, compared to the consensus estimate of $20.89 billion. During the same quarter last year, the company earned $0.96 EPS. Equities research analysts anticipate that Wells Fargo & Co will post 4.75 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.80 annualized dividend and a yield of 3.90%. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.

Several equities research analysts have recently issued reports on WFC shares. Deutsche Bank decreased their target price on Wells Fargo & Co from $54.00 to $48.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Raymond James raised Wells Fargo & Co from an “underperform” rating to a “market perform” rating and set a $50.08 target price for the company in a research report on Friday, March 29th. Barclays cut their price target on Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Goldman Sachs Group downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.00 to $48.00 in a research note on Friday, April 12th. Finally, Keefe, Bruyette & Woods downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $56.22.

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Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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