Connable Office Inc. Has $3.06 Million Position in Wells Fargo & Company $WFC

Connable Office Inc. lessened its position in Wells Fargo & Company (NYSE:WFC) by 14.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,222 shares of the financial services provider’s stock after selling 6,507 shares during the period. Connable Office Inc.’s holdings in Wells Fargo & Company were worth $3,062,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Access Investment Management LLC bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $25,000. McElhenny Sheffield Capital Management LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC increased its holdings in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares in the last quarter. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter valued at $29,000. Finally, Motco raised its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WFC. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Finally, Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Eleven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Trading Up 1.4%

NYSE:WFC opened at $87.19 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The firm has a market capitalization of $279.30 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.18 and a beta of 1.25. The business’s 50-day moving average price is $82.75 and its two-hundred day moving average price is $78.69.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.61%.

Wells Fargo & Company Profile

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.