Rempart Asset Management Inc. Sells 44,365 Shares of Wells Fargo & Company (NYSE:WFC)

Rempart Asset Management Inc. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 12.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,320 shares of the financial services provider’s stock after selling 44,365 shares during the period. Wells Fargo & Company comprises approximately 4.8% of Rempart Asset Management Inc.’s portfolio, making the stock its 8th largest position. Rempart Asset Management Inc.’s holdings in Wells Fargo & Company were worth $23,068,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $3,365,658,000. Capital Research Global Investors lifted its position in shares of Wells Fargo & Company by 932.0% in the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the period. Northern Trust Corp lifted its position in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $198,801,000. Finally, Theleme Partners LLP acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $187,049,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Raymond James dropped their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research report on Monday, April 14th. Citigroup lowered their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Barclays lowered their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $73.73 on Thursday. The firm has a market capitalization of $239.93 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The firm has a fifty day simple moving average of $70.06 and a two-hundred day simple moving average of $72.88. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.20 EPS. Analysts forecast 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 will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.17%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company announced that its Board of Directors has approved a share buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wells Fargo & 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.