CANADA LIFE ASSURANCE Co Has $108.90 Million Position in Wells Fargo & Company (NYSE:WFC)

CANADA LIFE ASSURANCE Co decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.8% in the 4th quarter, HoldingsChannel reports. The firm owned 1,550,050 shares of the financial services provider’s stock after selling 12,208 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Wells Fargo & Company were worth $108,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in shares of Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock worth $13,369,000 after buying an additional 30,510 shares during the period. Valmark Advisers Inc. boosted its holdings in shares of Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock worth $583,000 after acquiring an additional 431 shares during the period. NatWest Group plc grew its position in shares of Wells Fargo & Company by 57.7% in the fourth quarter. NatWest Group plc now owns 172,484 shares of the financial services provider’s stock valued at $12,115,000 after purchasing an additional 63,102 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $1,656,000. Finally, Modera Wealth Management LLC lifted its holdings in Wells Fargo & Company by 14.1% during the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock worth $1,444,000 after purchasing an additional 2,548 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $63.98 on Thursday. The company has a market cap of $208.90 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.18 and a beta of 1.02. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $71.82 and a 200 day simple moving average of $70.93. Wells Fargo & Company has a one year low of $50.15 and a one year 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. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the prior year, the company earned $1.20 EPS. Wells Fargo & Company’s revenue 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 fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is 28.73%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Piper Sandler lowered their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a research report on Monday. Morgan Stanley raised 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 cut their price objective on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Thursday, March 13th. Six investment 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.