Connable Office Inc. Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Connable Office Inc. lessened its holdings in Wells Fargo & Company (NYSE:WFC) by 1.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 62,907 shares of the financial services provider’s stock after selling 1,224 shares during the period. Connable Office Inc.’s holdings in Wells Fargo & Company were worth $4,419,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. SteelPeak Wealth LLC lifted its position in Wells Fargo & Company by 4.4% during the third quarter. SteelPeak Wealth LLC now owns 7,323 shares of the financial services provider’s stock valued at $414,000 after acquiring an additional 311 shares during the last quarter. Focus Financial Network Inc. lifted its position in Wells Fargo & Company by 1.3% during the third quarter. Focus Financial Network Inc. now owns 59,812 shares of the financial services provider’s stock valued at $3,379,000 after acquiring an additional 757 shares during the last quarter. Lebenthal Global Advisors LLC lifted its position in Wells Fargo & Company by 1.6% during the third quarter. Lebenthal Global Advisors LLC now owns 14,676 shares of the financial services provider’s stock valued at $829,000 after acquiring an additional 228 shares during the last quarter. Interchange Capital Partners LLC lifted its position in Wells Fargo & Company by 3.3% during the third quarter. Interchange Capital Partners LLC now owns 8,215 shares of the financial services provider’s stock valued at $464,000 after acquiring an additional 265 shares during the last quarter. Finally, Gladstone Institutional Advisory LLC lifted its position in Wells Fargo & Company by 259.6% during the third quarter. Gladstone Institutional Advisory LLC now owns 34,403 shares of the financial services provider’s stock valued at $1,943,000 after acquiring an additional 24,835 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $78.35 on Friday. The company’s fifty day moving average price is $75.87 and its 200 day moving average price is $67.75. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a market capitalization of $260.87 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue was down .5% compared to the same quarter last year. During the same period last year, the firm posted $0.86 earnings per share. On average, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.04%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WFC. Piper Sandler upped their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point upped their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Truist Financial upped their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Barclays upped their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and a consensus price target of $73.39.

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.