Cigna Investments Inc. New Has $2.41 Million Stake in Wells Fargo & Company (NYSE:WFC)

Cigna Investments Inc. New decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.9% during the fourth quarter, HoldingsChannel reports. The fund owned 34,284 shares of the financial services provider’s stock after selling 1,778 shares during the quarter. Cigna Investments Inc. New’s holdings in Wells Fargo & Company were worth $2,408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Truvestments Capital LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter worth about $29,000. Modus Advisors LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $30,000. Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company in the fourth quarter worth approximately $32,000. MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company in the third quarter worth approximately $34,000. Finally, FSA Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter worth $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $79.05 on Tuesday. Wells Fargo & Company has a 52-week low of $47.59 and a 52-week high of $81.50. The company’s 50 day moving average is $73.89 and its two-hundred day moving average is $65.51. The firm has a market cap of $263.21 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.22 and a beta of 1.18. 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 earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue was down .5% on a year-over-year basis. During the same period last year, the firm posted $0.86 EPS. On average, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley lifted their price target on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. The Goldman Sachs Group boosted their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price objective for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Keefe, Bruyette & Woods boosted their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $73.39.

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.