Cibc World Market Inc. Buys 682,636 Shares of Wells Fargo & Company (NYSE:WFC)

Cibc World Market Inc. raised its stake in Wells Fargo & Company (NYSE:WFC) by 108.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,310,390 shares of the financial services provider’s stock after purchasing an additional 682,636 shares during the quarter. Cibc World Market Inc.’s holdings in Wells Fargo & Company were worth $92,042,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of WFC. Mediolanum International Funds Ltd boosted its stake in Wells Fargo & Company by 120.0% in the 4th quarter. Mediolanum International Funds Ltd now owns 812,001 shares of the financial services provider’s stock valued at $57,033,000 after purchasing an additional 442,935 shares during the period. Gilbert & Cook Inc. raised its holdings in Wells Fargo & Company by 65.2% in the 4th quarter. Gilbert & Cook Inc. now owns 25,389 shares of the financial services provider’s stock valued at $1,783,000 after acquiring an additional 10,025 shares in the last quarter. Crews Bank & Trust acquired a new position in Wells Fargo & Company in the 4th quarter valued at $171,000. Stordahl Capital Management Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $276,000. Finally, Abel Hall LLC raised its holdings in Wells Fargo & Company by 3.8% in the 4th quarter. Abel Hall LLC now owns 11,325 shares of the financial services provider’s stock valued at $795,000 after acquiring an additional 417 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 0.7 %

Wells Fargo & Company stock opened at $78.89 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $79.24. The firm has a 50 day moving average of $73.45 and a 200 day moving average of $64.48. The firm has a market capitalization of $262.67 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.18 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.86 EPS. As a group, research analysts predict that Wells Fargo & Company will post 5.84 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a $0.40 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.03%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WFC. Morgan Stanley boosted their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Barclays boosted their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods boosted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a report on Tuesday, October 8th. Finally, UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $73.39.

About Wells Fargo & Company

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.