Canandaigua National Bank & Trust Co. Reduces Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Canandaigua National Bank & Trust Co. decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,329 shares of the financial services provider’s stock after selling 565 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Wells Fargo & Company were worth $585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Income Research & Management purchased a new stake in shares of Wells Fargo & Company in the third quarter worth $211,000. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $25,000. Modus Advisors LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $26,000. Finally, Truvestments Capital LLC purchased a new position in shares of Wells Fargo & Company in the 3rd quarter worth $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.0 %

WFC stock opened at $72.00 on Tuesday. The stock has a market capitalization of $239.72 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.47 and a beta of 1.18. Wells Fargo & Company has a 52 week low of $46.12 and a 52 week high of $78.13. The firm has a 50-day simple moving average of $71.64 and a 200-day simple moving average of $62.60. 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 (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same period in the previous year, the business earned $1.39 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 5.43 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were given a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.22%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Wall Street Analyst Weigh In

WFC has been the subject of several research reports. UBS Group boosted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Citigroup raised their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Evercore ISI upped their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada restated 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. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their target price for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and an average target price of $68.63.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.