Rempart Asset Management Inc. Has $23.07 Million Holdings in Wells Fargo & Company (NYSE:WFC)

Rempart Asset Management Inc. lessened its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 12.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 321,320 shares of the financial services provider's stock after selling 44,365 shares during the quarter. Wells Fargo & Company comprises about 4.8% of Rempart Asset Management Inc.'s investment portfolio, making the stock its 8th biggest holding. Rempart Asset Management Inc.'s holdings in Wells Fargo & Company were worth $23,068,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Wells Fargo & Company during the 4th quarter valued at $3,365,658,000. Northern Trust Corp boosted its stake in Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after acquiring an additional 238,131 shares during the period. Capital Research Global Investors raised its position in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares in the last quarter. Finally, Capital World Investors lifted its holdings in Wells Fargo & Company by 0.4% in the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after acquiring an additional 62,099 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on WFC. Barclays lowered their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Bank of America dropped their price target on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Truist Financial cut their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective on the stock in a research report on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $75.73.

Wells Fargo & Company Stock Performance

WFC stock traded up $0.11 during mid-day trading on Friday, reaching $74.62. 17,037,870 shares of the stock traded hands, compared to its average volume of 17,473,472. The firm has a market capitalization of $242.83 billion, a PE ratio of 13.87, a P/E/G ratio of 1.18 and a beta of 1.13. The business has a 50-day moving average of $70.07 and a two-hundred day moving average of $72.90. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. 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 - 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, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter last year, the company posted $1.20 earnings per share. Wells Fargo & Company's quarterly revenue was down 3.4% on a year-over-year basis. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.14%. Wells Fargo & Company's payout ratio is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has authorized a stock buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

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.