Connecticut Wealth Management LLC Takes $211,000 Position in Wells Fargo & Company (NYSE:WFC)

Connecticut Wealth Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,283 shares of the financial services provider’s stock, valued at approximately $211,000.

Other institutional investors have also added to or reduced their stakes in the company. Brown Advisory Inc. raised its stake in Wells Fargo & Company by 6.7% during the third quarter. Brown Advisory Inc. now owns 247,652 shares of the financial services provider’s stock worth $10,119,000 after acquiring an additional 15,658 shares in the last quarter. Everhart Financial Group Inc. grew its stake in shares of Wells Fargo & Company by 19.9% during the third quarter. Everhart Financial Group Inc. now owns 8,859 shares of the financial services provider’s stock worth $362,000 after buying an additional 1,473 shares during the last quarter. BluePath Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the third quarter worth $59,000. Mackenzie Financial Corp lifted its stake in shares of Wells Fargo & Company by 13.0% in the 3rd quarter. Mackenzie Financial Corp now owns 1,257,632 shares of the financial services provider’s stock valued at $48,633,000 after acquiring an additional 144,713 shares during the last quarter. Finally, Baystate Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company by 53.0% during the 3rd quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 278 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

WFC has been the subject of a number of recent research reports. Jefferies Financial Group upped their target price on Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Compass Point reiterated a “neutral” rating and set a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Raymond James upped their price target on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 16th. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Finally, JPMorgan Chase & Co. increased their price objective on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Fourteen analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $58.99.

Wells Fargo & Company Stock Up 0.4 %

NYSE:WFC traded up $0.22 on Monday, hitting $60.16. The stock had a trading volume of 9,171,860 shares, compared to its average volume of 18,845,740. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 52 week low of $37.18 and a 52 week high of $61.76. The business’s fifty day moving average is $57.63 and its 200 day moving average is $50.35. The company has a market cap of $209.74 billion, a PE ratio of 12.55, a P/E/G ratio of 1.16 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the business earned $1.23 EPS. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities research analysts expect that Wells Fargo & Company will post 5.08 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.33%. Wells Fargo & Company’s dividend payout ratio is presently 29.23%.

Wells Fargo & Company Profile

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.