Wells Fargo & Company $WFC Shares Sold by Connable Office Inc.

Connable Office Inc. cut its holdings in Wells Fargo & Company (NYSE:WFC) by 32.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,971 shares of the financial services provider’s stock after selling 12,251 shares during the period. Connable Office Inc.’s holdings in Wells Fargo & Company were worth $2,177,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in WFC. Hidden Cove Wealth Management LLC increased its holdings in Wells Fargo & Company by 2.0% during the 3rd quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider’s stock worth $499,000 after purchasing an additional 119 shares during the period. Zullo Investment Group Inc. increased its position in shares of Wells Fargo & Company by 2.0% during the third quarter. Zullo Investment Group Inc. now owns 6,340 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 122 shares in the last quarter. Embree Financial Group lifted its stake in Wells Fargo & Company by 3.9% in the third quarter. Embree Financial Group now owns 3,330 shares of the financial services provider’s stock valued at $279,000 after buying an additional 126 shares during the last quarter. Trust Co. of Vermont raised its position in Wells Fargo & Company by 1.1% in the 3rd quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider’s stock valued at $1,014,000 after purchasing an additional 126 shares during the last quarter. Finally, Traphagen Investment Advisors LLC increased its stake in Wells Fargo & Company by 2.0% during the third quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock worth $532,000 after acquiring an additional 127 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of analyst reports. Bank of America upped their price target on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Truist Financial decreased their price objective on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Robert W. Baird cut shares of Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. CICC Research began coverage on Wells Fargo & Company in a report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 price objective on the stock. Finally, Morgan Stanley raised their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 15th. Thirteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.29.

Wells Fargo & Company Trading Down 3.1%

WFC stock opened at $89.08 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $97.76. The company has a market cap of $279.63 billion, a P/E ratio of 14.21, a PEG ratio of 1.01 and a beta of 1.09. The business has a fifty day moving average of $91.94 and a 200-day moving average of $85.85.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The business had revenue of $11.97 billion during the quarter, compared to the consensus estimate of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.43 earnings per share. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.0%. Wells Fargo & Company’s payout ratio is currently 28.71%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.