Connective Portfolio Management LLC Purchases Shares of 9,000 Wells Fargo & Company (NYSE:WFC)

Connective Portfolio Management LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 9,000 shares of the financial services provider’s stock, valued at approximately $632,000.

Several other large investors also recently modified their holdings of WFC. WINTON GROUP Ltd bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at $225,000. Edgestream Partners L.P. acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $272,000. E Fund Management Co. Ltd. boosted its stake in Wells Fargo & Company by 9.7% during the second quarter. E Fund Management Co. Ltd. now owns 21,947 shares of the financial services provider’s stock worth $1,303,000 after acquiring an additional 1,944 shares in the last quarter. Meridian Wealth Partners LLC grew its stake in shares of Wells Fargo & Company by 0.6% in the 2nd quarter. Meridian Wealth Partners LLC now owns 42,449 shares of the financial services provider’s stock valued at $2,521,000 after buying an additional 274 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Wells Fargo & Company by 16.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 607,195 shares of the financial services provider’s stock worth $34,546,000 after purchasing an additional 86,777 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

WFC opened at $75.86 on Thursday. The company has a market cap of $252.58 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 1.39 and a beta of 1.18. The firm’s fifty day simple moving average is $72.41 and its two-hundred day simple moving average is $63.15. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 52-week low of $46.12 and a 52-week high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business earned $0.86 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on WFC. Compass Point upped their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Morgan Stanley dropped their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Truist Financial assumed coverage on shares of Wells Fargo & Company in a report on Tuesday, January 7th. They set a “buy” rating and a $82.00 target price on the stock. Finally, Evercore ISI boosted their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Twelve equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $69.92.

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.