Connable Office Inc. Acquires 345 Shares of Wells Fargo & Company (NYSE:WFC)

Connable Office Inc. boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,131 shares of the financial services provider’s stock after purchasing an additional 345 shares during the period. Connable Office Inc.’s holdings in Wells Fargo & Company were worth $3,623,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Black Diamond Financial LLC grew its position in Wells Fargo & Company by 21.0% during the 3rd quarter. Black Diamond Financial LLC now owns 4,663 shares of the financial services provider’s stock worth $263,000 after acquiring an additional 808 shares during the last quarter. Cornercap Investment Counsel Inc. boosted its stake in shares of Wells Fargo & Company by 53.7% during the third quarter. Cornercap Investment Counsel Inc. now owns 52,925 shares of the financial services provider’s stock valued at $2,990,000 after purchasing an additional 18,493 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Wells Fargo & Company by 3.6% during the third quarter. CIBC Asset Management Inc now owns 579,985 shares of the financial services provider’s stock valued at $32,763,000 after purchasing an additional 20,053 shares during the period. Intelligence Driven Advisers LLC grew its holdings in shares of Wells Fargo & Company by 10.8% in the third quarter. Intelligence Driven Advisers LLC now owns 8,179 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 794 shares during the last quarter. Finally, Lummis Asset Management LP increased its stake in shares of Wells Fargo & Company by 0.7% in the third quarter. Lummis Asset Management LP now owns 28,074 shares of the financial services provider’s stock worth $1,586,000 after buying an additional 196 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $72.80 on Friday. The company has a 50 day simple moving average of $60.45 and a two-hundred day simple moving average of $59.11. Wells Fargo & Company has a fifty-two week low of $41.99 and a fifty-two week high of $74.27. The company has a market capitalization of $242.39 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 1.52 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same quarter last year, the company earned $1.39 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts expect that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

WFC has been the subject of several analyst reports. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research report on Tuesday, October 8th. Morgan Stanley dropped their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Compass Point increased their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.12.

Wells Fargo & Company 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.