Confluence Wealth Services Inc. Sells 718 Shares of Wells Fargo & Company (NYSE:WFC)

Confluence Wealth Services Inc. decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 9.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,605 shares of the financial services provider’s stock after selling 718 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Wells Fargo & Company were worth $325,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in Wells Fargo & Company during the 3rd quarter valued at about $25,000. Arlington Trust Co LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at about $25,000. Leith Wheeler Investment Counsel Ltd. lifted its holdings in Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after buying an additional 356,620 shares in the last quarter. Studio Investment Management LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the 1st quarter worth approximately $28,000. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of several research reports. The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. StockNews.com cut shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research report on Thursday, April 4th. Robert W. Baird reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Wells Fargo & Company in a research report on Monday, January 8th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price target (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Finally, Barclays upped their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $57.63.

Wells Fargo & Company Stock Performance

WFC opened at $57.57 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. The company has a market cap of $203.82 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 1.20 and a beta of 1.19. Wells Fargo & Company has a 52-week low of $36.40 and a 52-week high of $58.44. The firm’s fifty day simple moving average is $54.48 and its two-hundred day simple moving average is $47.99.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.30). The business had revenue of $20.48 billion during the quarter, compared to analysts’ expectations of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post 4.73 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s payout ratio is currently 29.05%.

Wells Fargo & 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.