Canoe Financial LP Sells 602,231 Shares of Wells Fargo & Company $WFC

Canoe Financial LP trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 17.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,792,029 shares of the financial services provider’s stock after selling 602,231 shares during the quarter. Wells Fargo & Company comprises 3.3% of Canoe Financial LP’s portfolio, making the stock its 5th largest position. Canoe Financial LP owned about 0.09% of Wells Fargo & Company worth $234,028,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Access Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $25,000. McElhenny Sheffield Capital Management LLC purchased a new stake in Wells Fargo & Company during the second quarter valued at about $27,000. CBIZ Investment Advisory Services LLC grew its position in Wells Fargo & Company by 585.5% during 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. Kilter Group LLC acquired a new stake in Wells Fargo & Company during the second quarter worth about $31,000. Finally, 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. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WFC. Barclays boosted their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Citigroup boosted their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $92.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Bank of America lifted their target price on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, TD Cowen increased their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a report on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $92.04.

Wells Fargo & Company Price Performance

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

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. The firm had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.42 EPS. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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

About Wells Fargo & Company

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.