Caisse DE Depot ET Placement DU Quebec Has $254.21 Million Stake in Wells Fargo & Company (NYSE:WFC)

Caisse DE Depot ET Placement DU Quebec increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 33.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,619,191 shares of the financial services provider’s stock after purchasing an additional 909,532 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Wells Fargo & Company were worth $254,212,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Modus Advisors LLC bought a new position in Wells Fargo & Company during the 4th quarter worth $30,000. McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company during the 4th quarter worth $30,000. Finally, Rakuten Securities Inc. increased its stake in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 237 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $71.08 on Thursday. The company has a market capitalization of $232.09 billion, a PE ratio of 13.21, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a 50 day simple moving average of $69.52 and a two-hundred day simple moving average of $71.67. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board has initiated a stock repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company’s payout ratio is currently 28.73%.

Analysts Set New Price Targets

WFC has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Barclays lowered their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Morgan Stanley lifted their price target on Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, April 14th. Finally, Truist Financial decreased their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $75.34.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.