Canoe Financial LP Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Canoe Financial LP decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 8.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,624,723 shares of the financial services provider’s stock after selling 246,996 shares during the period. Wells Fargo & Company accounts for 2.7% of Canoe Financial LP’s investment portfolio, making the stock its 11th largest position. Canoe Financial LP owned about 0.08% of Wells Fargo & Company worth $184,361,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Income Research & Management purchased a new stake in shares of Wells Fargo & Company in the third quarter worth about $211,000. Mattson Financial Services LLC purchased a new position in Wells Fargo & Company during the second quarter valued at approximately $25,000. Modus Advisors LLC bought a new position in Wells Fargo & Company in the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company during the second quarter worth about $26,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth about $32,000. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of several research analyst reports. Barclays lifted their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday. The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup raised their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. UBS Group upped their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Twelve equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.17.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $77.22 on Friday. The company’s fifty day simple moving average is $72.60 and its two-hundred day simple moving average is $63.33. Wells Fargo & Company has a 12-month low of $46.12 and a 12-month high of $78.13. The firm has a market cap of $257.11 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.39 and a beta of 1.18. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 5.45 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

About Wells Fargo & Company

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.