Wells Fargo & Company (NYSE:WFC) Holdings Decreased by Louisbourg Investments Inc.

Louisbourg Investments Inc. trimmed its position in Wells Fargo & Company (NYSE:WFC) by 1.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,844 shares of the financial services provider’s stock after selling 400 shares during the quarter. Louisbourg Investments Inc.’s holdings in Wells Fargo & Company were worth $2,071,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. Rakuten Securities Inc. boosted its position 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. Finally, Parvin Asset Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Evercore ISI boosted their price target on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Barclays reduced their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Finally, Morgan Stanley boosted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.68.

Wells Fargo & Company Stock Up 1.0%

Shares of Wells Fargo & Company stock opened at $73.07 on Tuesday. The stock’s fifty day moving average is $71.65 and its 200-day moving average is $72.85. The firm has a market capitalization of $237.78 billion, a PE ratio of 13.58, a price-to-earnings-growth 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 has a 12-month low of $50.15 and a 12-month high of $81.50.

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

Wells Fargo & Company Announces Dividend

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

Wells Fargo & Company declared that its board has authorized a stock repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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.