Rempart Asset Management Inc. Reduces Holdings in Wells Fargo & Company (NYSE:WFC)

Rempart Asset Management Inc. lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 8.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 365,685 shares of the financial services provider’s stock after selling 33,421 shares during the period. Wells Fargo & Company comprises approximately 5.1% of Rempart Asset Management Inc.’s investment portfolio, making the stock its 6th biggest holding. Rempart Asset Management Inc.’s holdings in Wells Fargo & Company were worth $25,686,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Two Sigma Advisers LP boosted its position in Wells Fargo & Company by 730.4% during the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after purchasing an additional 5,237,500 shares in the last quarter. Canoe Financial LP purchased a new position in shares of Wells Fargo & Company in the third quarter worth about $160,529,000. Marshall Wace LLP lifted its holdings in shares of Wells Fargo & Company by 3,295.6% during the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock worth $138,493,000 after purchasing an additional 2,404,898 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in Wells Fargo & Company by 158.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after buying an additional 1,659,716 shares during the last quarter. Finally, National Pension Service boosted its position in Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after buying an additional 897,195 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the completion of the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. UBS Group increased their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Morgan Stanley lowered their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Piper Sandler boosted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Thirteen equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.24.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded down $0.39 during trading hours on Wednesday, hitting $71.20. The stock had a trading volume of 1,881,812 shares, compared to its average volume of 9,505,171. The stock’s 50 day moving average is $71.77 and its 200 day moving average is $62.69. The firm has a market capitalization of $237.06 billion, a PE ratio of 14.80, a PEG ratio of 1.47 and a beta of 1.18. Wells Fargo & Company has a twelve month low of $46.12 and a twelve month high of $78.13. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same period last year, the firm posted $1.39 EPS. Wells Fargo & Company’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.43 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.25%. Wells Fargo & Company’s payout ratio is 33.26%.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.