Wells Fargo & Company (NYSE:WFC) Shares Sold by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. lessened its position in Wells Fargo & Company (NYSE:WFC) by 2.0% during the fourth quarter, Holdings Channel reports. The fund owned 563,995 shares of the financial services provider’s stock after selling 11,424 shares during the quarter. Wells Fargo & Company comprises approximately 1.3% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 22nd largest position. Cardinal Capital Management Inc.’s holdings in Wells Fargo & Company were worth $39,615,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of WFC. Mattson Financial Services LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at approximately $26,000. Truvestments Capital LLC bought a new stake in Wells Fargo & Company during the 3rd quarter valued at $29,000. Modus Advisors LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth $30,000. Finally, Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $32,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on WFC. Piper Sandler upped their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. UBS Group upped their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. The Goldman Sachs Group upped their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $77.56 on Thursday. The company’s fifty day moving average is $73.03 and its two-hundred day moving average is $63.82. The company has a market cap of $258.23 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $78.29. 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 posted its quarterly 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 analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 earnings per share. Equities analysts expect that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

Wells Fargo & 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.