Canoe Financial LP Has $129.56 Million Holdings in Wells Fargo & Company $WFC

Canoe Financial LP increased its holdings in Wells Fargo & Company (NYSE:WFC) by 14.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,567,786 shares of the financial services provider’s stock after acquiring an additional 196,905 shares during the period. Canoe Financial LP owned about 0.05% of Wells Fargo & Company worth $129,562,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Nixon Peabody Trust Co. grew its holdings in Wells Fargo & Company by 3.6% in the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 115 shares during the period. Simmons Bank raised its holdings in shares of Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock valued at $593,000 after purchasing an additional 116 shares during the last quarter. Moss Adams Wealth Advisors LLC grew its holdings in shares of Wells Fargo & Company by 1.0% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 117 shares during the period. Wood Tarver Financial Group LLC lifted its stake in shares of Wells Fargo & Company by 1.6% in the 4th quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 120 shares during the period. Finally, Mine & Arao Wealth Creation & Management LLC. grew its holdings in Wells Fargo & Company by 0.4% during the fourth quarter. Mine & Arao Wealth Creation & Management LLC. now owns 32,410 shares of the financial services provider’s stock valued at $3,021,000 after purchasing an additional 122 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

More Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo declared quarterly cash dividends on six series of preferred stock. The announcement provides clarity for income-focused investors and signals that the bank continues to support its preferred-capital structure. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Positive Sentiment: Recent analysis suggests WFC could be about 10% undervalued despite strong gains over the past three months, supporting the view that valuation may still leave room for additional appreciation. Wells Fargo Could Be 10% Undervalued After Preferred Dividend Declaration
• Positive Sentiment: Investors have been rotating from weaker-performing artificial-intelligence stocks into financials, creating a favorable sector backdrop for Wells Fargo and other banks. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s latest earnings exceeded expectations, with $1.96 in earnings per share and $22.62 billion in revenue, while revenue grew 8.6% year over year. Analysts continue to focus on potential net-interest-income growth, asset-cap removal and increased capital returns. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Neutral Sentiment: The bank is expanding its post-asset-cap strategy through tokenized deposits for corporate clients and new long-term debt and depositary-share offerings. The initiatives could improve payment capabilities and investment capacity, but their financial impact remains uncertain. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?
• Negative Sentiment: After a roughly 20% three-month advance, valuation and profit-taking risks could limit near-term upside, making investors more sensitive to execution on growth and regulatory milestones. Why Is Wells Fargo Up Since Last Earnings Report?

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WFC. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Morgan Stanley upped their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Truist Financial increased their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods reduced their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 15th. Finally, Robert W. Baird upped their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Stock Up 0.7%

WFC stock opened at $88.74 on Friday. The firm’s fifty day simple moving average is $85.73 and its 200-day simple moving average is $83.10. The company has a market capitalization of $268.34 billion, a P/E ratio of 12.90, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. The company had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.Wells Fargo & Company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business earned $1.60 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is currently 29.07%.

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.