Confluence Wealth Services Inc. Acquires 808 Shares of Wells Fargo & Company (NYSE:WFC)

Confluence Wealth Services Inc. lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 12.2% in the first quarter, Holdings Channel.com reports. The fund owned 7,413 shares of the financial services provider’s stock after purchasing an additional 808 shares during the period. Confluence Wealth Services Inc.’s holdings in Wells Fargo & Company were worth $430,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Norges Bank bought a new position in Wells Fargo & Company in the 4th quarter worth $2,623,044,000. Northern Trust Corp increased its position in shares of Wells Fargo & Company by 0.3% during the third quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock valued at $1,560,755,000 after buying an additional 129,300 shares during the period. Capital World Investors raised 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 worth $1,295,459,000 after buying an additional 263,176 shares in the last quarter. Sanders Capital LLC lifted its holdings in Wells Fargo & Company by 3.2% in the fourth quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock worth $1,241,231,000 after buying an additional 781,772 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Wells Fargo & Company by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock worth $1,143,770,000 after acquiring an additional 526,178 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on WFC. Raymond James raised their target price on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 16th. Citigroup restated a “neutral” rating and set a $63.00 target price (up previously from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price target for the company. in a research note on Thursday, January 18th. Barclays lifted their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Thirteen analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.85.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded down $0.48 during trading on Tuesday, hitting $59.32. 18,007,381 shares of the company’s stock traded hands, compared to its average volume of 19,055,352. Wells Fargo & Company has a 1 year low of $36.40 and a 1 year high of $61.76. The business has a 50-day simple moving average of $57.24 and a 200-day simple moving average of $49.97. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $210.02 billion, a P/E ratio of 12.38, a PEG ratio of 1.16 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.23 earnings per share. As a group, analysts forecast that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.36%. Wells Fargo & Company’s dividend payout ratio is presently 29.23%.

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.