Rempart Asset Management Inc. Trims Holdings in Wells Fargo & Company $WFC

Key Points

• Rempart Asset Management Inc. reduced its holdings in Wells Fargo & Company by 2.0%, now owning approximately 314,910 shares valued at $25.23 million.
• Wells Fargo reported an EPS of $1.54 for the last quarter, exceeding analyst expectations of $1.41, with a revenue of $20.82 billion.
• The company boosted its quarterly dividend from $0.40 to $0.45 per share, representing a yield of 2.1% for shareholders.

Rempart Asset Management Inc. lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 2.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 314,910 shares of the financial services provider's stock after selling 6,410 shares during the quarter. Wells Fargo & Company makes up approximately 4.8% of Rempart Asset Management Inc.'s investment portfolio, making the stock its 7th largest position. Rempart Asset Management Inc.'s holdings in Wells Fargo & Company were worth $25,231,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC grew its stake in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares during the last quarter. Motco lifted its holdings in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the period. Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the 1st quarter worth about $29,000. 1248 Management LLC bought a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $31,000. Finally, Stone House Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at about $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $85.01 on Monday. The stock has a market cap of $272.32 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.31 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a fifty-two week low of $54.40 and a fifty-two week high of $86.65. The firm's 50-day simple moving average is $80.84 and its 200 day simple moving average is $75.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the company posted $1.33 EPS. The company's revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Analysts Set New Price Targets

WFC has been the topic of a number of recent analyst reports. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Finally, Citigroup raised their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average target price of $82.97.

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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