Cornerstone Wealth Group LLC Acquires Shares of 5,039 Wells Fargo & Company (NYSE:WFC)

Cornerstone Wealth Group LLC bought a new position in Wells Fargo & Company (NYSE:WFC) in the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 5,039 shares of the financial services provider’s stock, valued at approximately $292,000.

A number of other large investors have also recently modified their holdings of the stock. Norges Bank bought a new stake in Wells Fargo & Company during the fourth quarter worth about $2,623,044,000. LSV Asset Management raised its stake in Wells Fargo & Company by 40.4% during the fourth quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock valued at $458,162,000 after buying an additional 2,677,050 shares during the last quarter. Morningstar Investment Services LLC boosted its holdings in Wells Fargo & Company by 103.7% in the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after acquiring an additional 1,951,477 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Wells Fargo & Company by 42.7% in the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after acquiring an additional 1,729,132 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in shares of Wells Fargo & Company by 91.5% during the fourth quarter. 1832 Asset Management L.P. now owns 3,503,169 shares of the financial services provider’s stock valued at $172,426,000 after acquiring an additional 1,673,917 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Evercore ISI increased their price target on shares of Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, June 25th. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Morgan Stanley increased their price objective on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Fourteen investment analysts have rated the stock with a hold rating, six have assigned 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 has an average rating of “Hold” and an average price target of $59.15.

Wells Fargo & Company Trading Up 3.4 %

Shares of Wells Fargo & Company stock traded up $1.97 on Friday, reaching $59.39. The company had a trading volume of 31,074,465 shares, compared to its average volume of 18,610,088. The firm’s 50-day moving average price is $59.55 and its two-hundred day moving average price is $55.10. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The firm has a market cap of $207.05 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 1.46 and a beta of 1.17. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same period in the previous year, the firm earned $1.23 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.23%.

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.