Canoe Financial LP Boosts Holdings in Wells Fargo & Company $WFC

Canoe Financial LP grew its holdings in Wells Fargo & Company (NYSE:WFC) by 14.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,567,786 shares of the financial services provider’s stock after buying an additional 196,905 shares during the period. Canoe Financial LP’s holdings in Wells Fargo & Company were worth $129,562,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $25,000. Miller Capital Partners Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth $26,000. Joseph Group Capital Management purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Phillip James Consulting Co. acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company News Summary

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?

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on WFC shares. UBS Group lowered their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Truist Financial raised their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Finally, Bank of America lifted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Stock Up 0.7%

Shares of Wells Fargo & Company stock opened at $88.74 on Friday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The stock has a market capitalization of $268.34 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.96 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The business’s 50 day simple moving average is $85.73 and its 200-day simple moving average is $83.10.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.60 earnings per share. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is presently 29.07%.

Wells Fargo & 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.