Connor Clark & Lunn Investment Management Ltd. Cuts Position in Wells Fargo & Company (NYSE:WFC)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 70.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 161,192 shares of the financial services provider’s stock after selling 385,432 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Wells Fargo & Company were worth $11,322,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter worth $26,000. Rakuten Securities Inc. increased its position in shares of Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after buying an additional 237 shares in the last quarter. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $30,000. McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $30,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Piper Sandler raised their price target on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays raised their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Morgan Stanley raised their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Truist Financial raised their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Citigroup lifted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $74.39.

Wells Fargo & Company Stock Up 3.6 %

Shares of NYSE:WFC opened at $70.96 on Friday. The stock’s 50-day moving average price is $75.89 and its two-hundred day moving average price is $68.84. 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 $50.15 and a 12-month high of $81.50. The firm has a market cap of $233.31 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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 business had revenue of $20.38 billion for the quarter, compared to analyst estimates 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 was down .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.86 EPS. On average, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

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.