Connable Office Inc. Cuts Stake in Wells Fargo & Company $WFC

Connable Office Inc. reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 32.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 hedge funds have also recently made changes to their positions in WFC. Brighton Jones LLC grew its stake in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares during the last quarter. MGO One Seven LLC lifted its stake in shares of Wells Fargo & Company by 8.1% in the 2nd quarter. MGO One Seven LLC now owns 34,215 shares of the financial services provider’s stock valued at $2,741,000 after acquiring an additional 2,557 shares during the last quarter. Vest Financial LLC grew its holdings in shares of Wells Fargo & Company by 39.3% in the second quarter. Vest Financial LLC now owns 37,958 shares of the financial services provider’s stock worth $3,041,000 after purchasing an additional 10,702 shares during the last quarter. Cornerstone Wealth Group LLC increased its position in shares of Wells Fargo & Company by 18.0% in the second quarter. Cornerstone Wealth Group LLC now owns 8,878 shares of the financial services provider’s stock valued at $711,000 after acquiring an additional 1,357 shares during the period. Finally, Axxcess Wealth Management LLC lifted its holdings in Wells Fargo & Company by 35.7% in the 2nd quarter. Axxcess Wealth Management LLC now owns 68,849 shares of the financial services provider’s stock worth $5,516,000 after buying an additional 18,124 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Down 3.1%

NYSE:WFC opened at $89.08 on Thursday. The company’s 50-day simple moving average is $91.94 and its 200-day simple moving average is $85.85. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $97.76. The stock has a market capitalization of $279.63 billion, a P/E ratio of 14.21, a P/E/G ratio of 1.01 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.10. The business had revenue of $11.97 billion for the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.43 earnings per share. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Friday, February 6th will be issued 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 yield of 2.0%. Wells Fargo & Company’s payout ratio is presently 28.71%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on WFC shares. Royal Bank Of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Wells Fargo & Company in a research note on Thursday, January 15th. HSBC reaffirmed a “hold” rating and set a $74.00 price target on shares of Wells Fargo & Company in a research report on Wednesday, January 7th. Evercore decreased their target price on Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, January 15th. CICC Research started coverage on shares of Wells Fargo & Company in a report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 price target on the stock. Finally, UBS Group reaffirmed a “buy” rating and issued a $113.00 price objective on shares of Wells Fargo & Company in a research note on Wednesday, February 4th. Thirteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.29.

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.