Louisbourg Investments Inc. Has $2.07 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Louisbourg Investments Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 28,844 shares of the financial services provider’s stock after selling 400 shares during the period. Louisbourg Investments Inc.’s holdings in Wells Fargo & Company were worth $2,071,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new position in Wells Fargo & Company during the fourth quarter valued at $3,365,658,000. Northern Trust Corp increased its position in 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 last quarter. Dimensional Fund Advisors LP increased its position in Wells Fargo & Company by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider’s stock worth $1,430,742,000 after purchasing an additional 238,131 shares during the last quarter. Capital Research Global Investors increased its position in 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 last quarter. Finally, Capital World Investors increased its position in Wells Fargo & Company by 0.4% in the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock worth $977,338,000 after purchasing an additional 62,099 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $73.07 on Tuesday. The business has a 50 day moving average price of $71.65 and a 200 day moving average price of $72.85. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a market cap of $237.78 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

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

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

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.19%. Wells Fargo & Company’s payout ratio is 28.73%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Raymond James dropped their target price on 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. Bank of America upped their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Truist Financial dropped their target price on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Finally, Citigroup dropped their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.68.

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.