Intact Investment Management Inc. Has $7.38 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Intact Investment Management Inc. lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 45.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,800 shares of the financial services provider's stock after selling 84,200 shares during the period. Intact Investment Management Inc.'s holdings in Wells Fargo & Company were worth $7,380,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in WFC. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter worth about $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. Rakuten Securities Inc. increased its holdings in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after buying an additional 237 shares in the last quarter. Finally, Parvin Asset Management LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $75.33 on Friday. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The stock has a market cap of $245.14 billion, a PE ratio of 13.52, a PEG ratio of 1.26 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm's 50 day moving average price is $72.42 and its two-hundred day moving average price is $72.86.

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

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders 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 yield of 2.12%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company announced that its board has authorized a stock buyback program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently weighed in on WFC shares. Truist Financial dropped their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays dropped their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Finally, TD Cowen started coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $77.98.

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.

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