Wells Fargo & Company $WFC Stock Holdings Increased by Canoe Financial LP

Key Points

• Canoe Financial LP increased its stake in Wells Fargo by 21.7% during the second quarter, now holding over 3.39 million shares, which accounts for approximately 3.9% of its portfolio.
• Wells Fargo's latest earnings report revealed a net margin of 16.82% and a quarterly EPS of $1.54, exceeding analysts' expectations.
• The company has raised its quarterly dividend to $0.45 per share, up from $0.40, reflecting a 2.2% yield on an annualized basis.

Canoe Financial LP lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 21.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,394,260 shares of the financial services provider's stock after acquiring an additional 604,930 shares during the period. Wells Fargo & Company accounts for approximately 3.9% of Canoe Financial LP's portfolio, making the stock its 4th biggest position. Canoe Financial LP owned about 0.10% of Wells Fargo & Company worth $271,948,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WFC. CBIZ Investment Advisory Services LLC boosted its holdings 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 valued at $27,000 after acquiring an additional 322 shares during the period. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter valued at $29,000. Motco boosted its stake in Wells Fargo & Company by 397.6% in 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 last quarter. Nova Wealth Management Inc. raised its holdings in shares of Wells Fargo & Company by 112.9% in the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after purchasing an additional 227 shares during the period. Finally, 1248 Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth about $31,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Finally, Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded up $1.11 during trading hours on Friday, hitting $84.61. 36,444,763 shares of the company were exchanged, compared to its average volume of 13,141,861. The firm has a fifty day simple moving average of $80.44 and a 200 day simple moving average of $75.37. The stock has a market capitalization of $271.04 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a 52-week low of $53.31 and a 52-week high of $84.93. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

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

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

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.