Canoe Financial LP Acquires 164,607 Shares of Wells Fargo & Company (NYSE:WFC)

Canoe Financial LP lifted its position in Wells Fargo & Company (NYSE:WFC) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,789,330 shares of the financial services provider's stock after buying an additional 164,607 shares during the quarter. Wells Fargo & Company comprises 3.2% of Canoe Financial LP's investment portfolio, making the stock its 8th largest holding. Canoe Financial LP owned 0.09% of Wells Fargo & Company worth $200,246,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Modera Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 14.1% in the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after buying an additional 2,548 shares in the last quarter. Cornerstone Advisors LLC grew its stake in shares of Wells Fargo & Company by 2.1% in the 4th quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider's stock valued at $14,343,000 after buying an additional 4,200 shares in the last quarter. Metis Global Partners LLC grew its stake in shares of Wells Fargo & Company by 4.0% in the 4th quarter. Metis Global Partners LLC now owns 172,335 shares of the financial services provider's stock valued at $12,105,000 after buying an additional 6,668 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Wells Fargo & Company by 12.1% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after buying an additional 70,104 shares in the last quarter. Finally, Marble Harbor Investment Counsel LLC grew its stake in shares of Wells Fargo & Company by 4.2% in the 4th quarter. Marble Harbor Investment Counsel LLC now owns 130,504 shares of the financial services provider's stock valued at $9,167,000 after buying an additional 5,215 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.8%

WFC opened at $75.33 on Friday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $245.14 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.25 and a beta of 1.16. The business has a 50 day moving average of $72.42 and a 200-day moving average of $72.87.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. Wells Fargo & Company's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. Wells Fargo & Company's payout ratio is 28.73%.

Wells Fargo & Company declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WFC. Morgan Stanley boosted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Citigroup decreased their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wells Fargo & Company in a research report on Wednesday. Finally, Truist Financial decreased their target price on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus price target of $77.98.

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.

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