Connable Office Inc. Sells 6,507 Shares of Wells Fargo & Company $WFC

Connable Office Inc. lowered its stake in Wells Fargo & Company (NYSE:WFC) by 14.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 38,222 shares of the financial services provider’s stock after selling 6,507 shares during the period. Connable Office Inc.’s holdings in Wells Fargo & Company were worth $3,062,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Access Investment Management LLC acquired a new stake in shares of Wells Fargo & Company during the second quarter worth $25,000. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the second quarter valued at about $27,000. Motco boosted its position in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares during the period. Finally, Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company during the first quarter worth about $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on WFC shares. Evercore ISI boosted their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $87.19 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The business’s 50 day moving average price is $82.75 and its two-hundred day moving average price is $78.69. The company has a market cap of $279.30 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.18 and a beta of 1.25. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.42 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is presently 29.61%.

About Wells Fargo & Company

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.