Wells Fargo & Company (NYSE:WFC) Stock Holdings Lessened by Connors Investor Services Inc.

Connors Investor Services Inc. lessened its stake in Wells Fargo & Company (NYSE:WFC) by 16.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Capital World Investors grew its stake in Wells Fargo & Company by 1.0% in the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock valued at $1,295,459,000 after purchasing an additional 263,176 shares in the last quarter. Sanders Capital LLC raised its position in Wells Fargo & Company by 3.2% during the fourth quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after acquiring an additional 781,772 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Wells Fargo & Company by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock valued at $1,178,591,000 after acquiring an additional 831,975 shares during the last quarter. California State Teachers Retirement System grew its position in Wells Fargo & Company by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 5,905,934 shares of the financial services provider’s stock worth $290,690,000 after acquiring an additional 25,896 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its stake in shares of Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $53.81 on Tuesday. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The firm has a market capitalization of $187.60 billion, a price-to-earnings ratio of 11.05, a P/E/G ratio of 1.27 and a beta of 1.16. The stock’s 50 day moving average price is $56.49 and its two-hundred day moving average price is $57.92. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 earnings per share. On average, analysts anticipate that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WFC. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and decreased their price objective for the stock from $62.00 to $59.00 in a report on Friday, August 16th. The Goldman Sachs Group lowered their price objective 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. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a report on Monday, July 15th. BMO Capital Markets increased their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Finally, Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Twelve investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $60.29.

About Wells Fargo & Company

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.