Cardinal Point Capital Management ULC Takes Position in Wells Fargo & Company $WFC

Cardinal Point Capital Management ULC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,675 shares of the financial services provider’s stock, valued at approximately $375,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $27,000. Motco raised its stake in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares in the last quarter. Accent Capital Management LLC bought a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $29,000. Finally, 1248 Management LLC purchased a new position in Wells Fargo & Company during the first quarter valued at approximately $31,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on WFC shares. The Goldman Sachs Group cut their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday. Citigroup lifted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Finally, Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Price Performance

NYSE WFC opened at $86.35 on Friday. The firm’s fifty day simple moving average is $81.89 and its two-hundred day simple moving average is $77.61. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $87.47. The firm has a market capitalization of $276.61 billion, a P/E ratio of 14.20, a P/E/G ratio of 1.16 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.11. The firm had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 earnings per share. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is presently 29.61%.

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.