Wells Fargo & Company $WFC Shares Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 18.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,878 shares of the financial services provider’s stock after purchasing an additional 1,357 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Wells Fargo & Company were worth $711,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in WFC. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after acquiring an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after acquiring an additional 7,894,919 shares during the last quarter. Strs Ohio acquired a new position in shares of Wells Fargo & Company in the first quarter worth $109,643,000. Canada Pension Plan Investment Board raised its holdings in shares of Wells Fargo & Company by 34.6% in the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock worth $381,016,000 after acquiring an additional 1,365,629 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Wells Fargo & Company by 30.5% in the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock worth $353,668,000 after acquiring an additional 1,152,181 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of a number of analyst reports. Truist Financial boosted their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Finally, UBS Group lowered their price objective on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.77.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $84.51 on Wednesday. The firm has a market capitalization of $270.71 billion, a PE ratio of 14.47, a P/E/G ratio of 1.27 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The business has a 50-day moving average of $80.79 and a two-hundred day moving average of $76.67. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $86.65.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The company had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business posted $1.42 EPS. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.