CI Investments Inc. Sells 6,760 Shares of Wells Fargo & Company $WFC

CI Investments Inc. reduced its stake in Wells Fargo & Company (NYSE:WFC) by 22.4% during the first quarter, HoldingsChannel reports. The firm owned 23,432 shares of the financial services provider’s stock after selling 6,760 shares during the period. CI Investments Inc.’s holdings in Wells Fargo & Company were worth $1,865,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $4,512,563,000. Capital Research Global Investors lifted its stake in Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock worth $3,487,687,000 after purchasing an additional 1,760,484 shares during the last quarter. Legal & General Group Plc increased its position in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock valued at $1,975,600,000 after purchasing an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Wells Fargo & Company by 13.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock valued at $1,922,257,000 after purchasing an additional 2,369,260 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of Wells Fargo & Company by 5.2% during the 4th quarter. Boston Partners now owns 9,606,215 shares of the financial services provider’s stock valued at $895,466,000 after buying an additional 477,745 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

WFC stock opened at $86.39 on Friday. The firm’s 50-day moving average price is $82.72 and its two-hundred day moving average price is $83.51. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The stock has a market capitalization of $264.37 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.94 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is 26.16%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley upped their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. KGI Securities lowered shares of Wells Fargo & Company to a “hold” rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.50.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.