Connable Office Inc. Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Connable Office Inc. reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $30,000. McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $30,000. Decker Retirement Planning Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $32,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $35,000. Finally, BankPlus Trust Department acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $35,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 2.3 %

Shares of WFC stock opened at $78.35 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market capitalization of $260.87 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. The company has a 50 day moving average price of $75.87 and a 200 day moving average price of $67.75. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

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

Wells Fargo & Company Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on WFC shares. Piper Sandler raised their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Compass Point raised their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. UBS Group raised their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and an average target price 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.