Wells Fargo & Company (NYSE:WFC) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. trimmed its position in Wells Fargo & Company (NYSE:WFC) by 0.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 32,145 shares of the financial services provider’s stock after selling 300 shares during the period. Cullinan Associates Inc.’s holdings in Wells Fargo & Company were worth $1,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Hodges Capital Management Inc. purchased a new position in Wells Fargo & Company during the 3rd quarter worth approximately $486,000. AQR Capital Management LLC raised its holdings in shares of Wells Fargo & Company by 6.7% during the third quarter. AQR Capital Management LLC now owns 358,464 shares of the financial services provider’s stock worth $14,647,000 after purchasing an additional 22,581 shares during the last quarter. Shelton Capital Management lifted its position in Wells Fargo & Company by 46.2% during the third quarter. Shelton Capital Management now owns 94,325 shares of the financial services provider’s stock valued at $3,854,000 after purchasing an additional 29,800 shares during the period. Axxcess Wealth Management LLC lifted its position in Wells Fargo & Company by 336.3% during the third quarter. Axxcess Wealth Management LLC now owns 53,427 shares of the financial services provider’s stock valued at $2,183,000 after purchasing an additional 41,182 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in Wells Fargo & Company by 76.8% in the third quarter. Alps Advisors Inc. now owns 23,743 shares of the financial services provider’s stock valued at $970,000 after purchasing an additional 10,312 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $60.97 on Wednesday. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $212.56 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.46 and a beta of 1.17. The business has a 50 day simple moving average of $59.54 and a 200-day simple moving average of $55.22.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the prior year, the business earned $1.23 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Company will post 5.13 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WFC. Compass Point reiterated a “neutral” rating and set a $64.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. Jefferies Financial Group boosted their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Argus increased their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Fourteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $59.15.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.