Canoe Financial LP Has $234.03 Million Stake in Wells Fargo & Company $WFC

Canoe Financial LP trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 17.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,792,029 shares of the financial services provider’s stock after selling 602,231 shares during the quarter. Wells Fargo & Company makes up 3.3% of Canoe Financial LP’s portfolio, making the stock its 5th biggest position. Canoe Financial LP’s holdings in Wells Fargo & Company were worth $234,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Vanguard Group Inc. raised its stake in Wells Fargo & Company by 0.4% during the second quarter. Vanguard Group Inc. now owns 302,092,955 shares of the financial services provider’s stock valued at $24,203,688,000 after buying an additional 1,341,222 shares in the last quarter. Norges Bank acquired a new stake in Wells Fargo & Company during the second quarter valued at approximately $3,990,551,000. Massachusetts Financial Services Co. MA lifted its holdings in Wells Fargo & Company by 54.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider’s stock worth $1,332,851,000 after buying an additional 5,894,747 shares during the last quarter. Finally, Amundi grew its position in shares of Wells Fargo & Company by 18.2% in the 2nd quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock worth $1,165,868,000 after acquiring an additional 2,180,693 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $95.28 on Friday. The firm has a fifty day moving average of $87.68 and a 200-day moving average of $82.85. The company has a market cap of $299.09 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 0.99 and a beta of 1.11. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $95.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.18. The firm had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. Wells Fargo & Company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $1.42 EPS. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s payout ratio is 29.61%.

Wall Street Analysts Forecast Growth

WFC has been the topic of several research reports. Morgan Stanley upped their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 15th. Barclays increased their target price on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Citigroup raised their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Finally, Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.04.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.