Connecticut Wealth Management LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Connecticut Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 4,283 shares of the financial services provider’s stock, valued at approximately $211,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Arlington Trust Co LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $25,000. Tennessee Valley Asset Management Partners purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $29,000. Fortis Group Advisors LLC bought a new position in Wells Fargo & Company in the third quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter worth $32,000. Finally, Bfsg LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at $34,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on WFC. Argus boosted their price target on Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Odeon Capital Group downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price for the company. in a report on Thursday, January 18th. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Jefferies Financial Group increased their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Fourteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and a consensus target price of $58.99.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded up $0.22 on Monday, reaching $60.16. 9,171,860 shares of the stock were exchanged, compared to its average volume of 18,845,740. The business has a 50 day moving average price of $57.63 and a two-hundred day moving average price of $50.35. The firm has a market capitalization of $209.74 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.16 and a beta of 1.18. Wells Fargo & Company has a twelve month low of $37.18 and a twelve month high of $61.76. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.10 by $0.10. The business had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.23 EPS. Analysts anticipate that Wells Fargo & Company will post 5.08 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.