Connable Office Inc. Purchases 345 Shares of Wells Fargo & Company (NYSE:WFC)

Connable Office Inc. boosted its position in Wells Fargo & Company (NYSE:WFC) by 0.5% in the 3rd quarter, Holdings Channel reports. The firm owned 64,131 shares of the financial services provider’s stock after buying an additional 345 shares during the quarter. Connable Office Inc.’s holdings in Wells Fargo & Company were worth $3,623,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Tocqueville Asset Management L.P. grew its position in shares of Wells Fargo & Company by 13.3% during the 1st quarter. Tocqueville Asset Management L.P. now owns 11,061 shares of the financial services provider’s stock worth $641,000 after buying an additional 1,295 shares in the last quarter. M&G Plc purchased a new stake in shares of Wells Fargo & Company in the 1st quarter worth approximately $36,581,000. Nicolet Advisory Services LLC boosted its stake in shares of Wells Fargo & Company by 7.0% during the first quarter. Nicolet Advisory Services LLC now owns 28,861 shares of the financial services provider’s stock valued at $1,662,000 after purchasing an additional 1,879 shares in the last quarter. Hoey Investments Inc. increased its holdings in Wells Fargo & Company by 9.7% during the first quarter. Hoey Investments Inc. now owns 126,710 shares of the financial services provider’s stock valued at $7,344,000 after buying an additional 11,222 shares during the period. Finally, Clearstead Trust LLC raised its stake in Wells Fargo & Company by 13.0% in the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock worth $94,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Compass Point upped their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Evercore ISI upped their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research report on Tuesday, October 8th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their target price for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and an average price target of $62.12.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $72.80 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $41.99 and a 1-year high of $74.27. The company has a market cap of $242.39 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14. The stock’s 50 day simple moving average is $60.45 and its 200-day simple moving average is $59.11.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the previous year, the company posted $1.39 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.20%. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

About Wells Fargo & Company

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.