Wells Fargo & Company $WFC Shares Bought by Cornerstone Advisors LLC

Cornerstone Advisors LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 209,300 shares of the financial services provider’s stock after buying an additional 5,100 shares during the quarter. Cornerstone Advisors LLC’s holdings in Wells Fargo & Company were worth $16,769,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Access Investment Management LLC acquired a new position in Wells Fargo & Company during the 2nd quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter worth $27,000. Motco lifted its position in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the first quarter valued at $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.3%

NYSE:WFC opened at $84.98 on Friday. The company has a market capitalization of $266.77 billion, a PE ratio of 13.98, a P/E/G ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.64. The stock’s 50 day moving average price is $83.71 and its 200 day moving average price is $79.92. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.18. The company had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 earnings per share. On average, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be given a $0.45 dividend. The ex-dividend date is Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. TD Cowen lifted their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Wednesday, October 15th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, October 15th. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Finally, Citigroup boosted their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

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.