Connable Office Inc. Sells 18,178 Shares of Wells Fargo & Company (NYSE:WFC)

Key Points

• Connable Office Inc. has reduced its holdings in Wells Fargo by 28.9%, selling 18,178 shares and now owning 44,729 shares, valued at over $3.2 million.
• Wells Fargo plans to pay a quarterly dividend of $0.45 per share, representing an increase from the previous $0.40, with an annualized dividend yield of 2.3%.
• Recent analyst ratings indicate a generally positive outlook for Wells Fargo, with a consensus rating of "Moderate Buy" and an average target price of $80.39.

Connable Office Inc. cut its holdings in Wells Fargo & Company (NYSE:WFC) by 28.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,729 shares of the financial services provider's stock after selling 18,178 shares during the quarter. Connable Office Inc.'s holdings in Wells Fargo & Company were worth $3,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the business. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company in the fourth quarter worth about $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. Motco raised its holdings in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the last quarter. Parvin Asset Management LLC bought a new position in Wells Fargo & Company in the 4th quarter valued at approximately $32,000. Finally, Dunhill Financial LLC boosted its position in shares of Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after buying an additional 193 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $77.80 on Monday. The firm has a market cap of $253.18 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a one year low of $50.15 and a one year high of $84.83. The firm's 50 day simple moving average is $78.56 and its 200-day simple moving average is $74.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio is 27.40%.

Wells Fargo & Company declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Bank of America upped their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Truist Financial upped their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company 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.

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