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

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

A number of other institutional investors have also recently added to or reduced their stakes in WFC. Access Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $25,000. CBIZ Investment Advisory Services LLC boosted its position in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at about $27,000. Motco increased its position in Wells Fargo & Company by 397.6% during the first 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 during the first quarter worth about $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC opened at $84.98 on Friday. The stock’s 50-day moving average price is $83.71 and its 200 day moving average price is $79.92. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $88.64. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a market cap of $266.77 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.18 and a beta of 1.22.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.18. The company had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.Wells Fargo & Company’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.42 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WFC shares. UBS Group dropped their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Truist Financial increased their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Keefe, Bruyette & Woods lifted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. TD Cowen upped their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Finally, Morgan Stanley increased their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company 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.