Connors Investor Services Inc. lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 16.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 199,254 shares of the financial services provider's stock after selling 40,491 shares during the quarter. Connors Investor Services Inc.'s holdings in Wells Fargo & Company were worth $11,834,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Core Wealth Advisors Inc. bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $25,000. Valued Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $37,000 after buying an additional 220 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $32,000. Beaird Harris Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth $34,000. Finally, J.Safra Asset Management Corp increased its position in Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider's stock valued at $43,000 after buying an additional 648 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on WFC shares. The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 target price for the company in a research note on Tuesday, September 3rd. Jefferies Financial Group cut Wells Fargo & Company to a "hold" rating and reduced their price objective for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Morgan Stanley upped their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the company an "overweight" rating in a research report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a "market perform" rating for the company in a research note on Monday, July 15th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $60.29.
Check Out Our Latest Stock Report on Wells Fargo & Company
Wells Fargo & Company Trading Up 1.4 %
NYSE WFC traded up $0.75 during trading on Tuesday, hitting $54.54. The stock had a trading volume of 15,884,182 shares, compared to its average volume of 17,999,039. The company has a market capitalization of $190.14 billion, a PE ratio of 11.20, a PEG ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm has a 50 day moving average price of $56.39 and a 200 day moving average price of $57.92.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. Wells Fargo & Company's revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 EPS. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.
Wells Fargo & Company Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a dividend of $0.40 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.93%. Wells Fargo & Company's payout ratio is presently 32.85%.
About Wells Fargo & Company
(
Free Report)
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.
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