Cynosure Group LLC Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Cynosure Group LLC lowered its stake in Wells Fargo & Company (NYSE:WFC) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 investment portfolio, making the stock its 20th biggest position. Cynosure Group LLC’s holdings in Wells Fargo & Company were worth $7,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. Martingale Asset Management L P boosted its position in shares of Wells Fargo & Company by 75.5% in the 3rd quarter. Martingale Asset Management L P now owns 7,599 shares of the financial services provider’s stock worth $429,000 after buying an additional 3,269 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at about $428,000. Benjamin Edwards Inc. boosted its holdings in Wells Fargo & Company by 320.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 57,459 shares of the financial services provider’s stock worth $3,246,000 after acquiring an additional 43,782 shares during the period. Concentric Capital Strategies LP lifted its stake in shares of Wells Fargo & Company by 74.3% in the third quarter. Concentric Capital Strategies LP now owns 15,529 shares of the financial services provider’s stock worth $877,000 after acquiring an additional 6,622 shares in the last quarter. Finally, Hilltop Holdings Inc. lifted its stake in Wells Fargo & Company by 46.0% during the third quarter. Hilltop Holdings Inc. now owns 18,376 shares of the financial services provider’s stock worth $1,038,000 after purchasing an additional 5,788 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 7.5 %

Shares of WFC stock traded down $5.39 during trading hours on Thursday, hitting $66.87. 13,140,653 shares of the company’s stock traded hands, compared to its average volume of 17,093,658. The stock has a market cap of $218.34 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.18 and a beta of 1.16. The stock’s fifty day simple moving average is $75.50 and its two-hundred day simple moving average is $70.43. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. 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) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. On average, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company 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. This represents a $1.60 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research note on Thursday, March 13th. Truist Financial boosted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. UBS Group lifted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday. Finally, The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $75.55.

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.