Cornerstone Wealth Management LLC Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Cornerstone Wealth Management LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 7.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,500 shares of the financial services provider’s stock after selling 1,328 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Wells Fargo & Company were worth $980,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $2,623,044,000. LSV Asset Management raised its position in Wells Fargo & Company by 40.4% during the 4th quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock valued at $458,162,000 after purchasing an additional 2,677,050 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in Wells Fargo & Company by 67.1% in the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after acquiring an additional 2,349,595 shares during the period. Morningstar Investment Services LLC boosted its stake in shares of Wells Fargo & Company by 103.7% during the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock valued at $189,684,000 after purchasing an additional 1,951,477 shares in the last quarter. Finally, Rokos Capital Management LLP lifted its stake in shares of Wells Fargo & Company by 141.6% during the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after purchasing an additional 1,536,152 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on WFC. JPMorgan Chase & Co. upped their target price on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Evercore ISI reissued an “outperform” rating and set a $67.00 price objective (down previously from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. BMO Capital Markets increased their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Jefferies Financial Group increased their target price on Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Morgan Stanley increased their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Thirteen analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $59.91.

Wells Fargo & Company Trading Up 1.6 %

Shares of WFC stock traded up $0.88 on Thursday, reaching $54.54. 9,574,188 shares of the stock were exchanged, compared to its average volume of 18,074,672. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The stock has a 50 day moving average price of $57.80 and a 200 day moving average price of $57.10. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $190.14 billion, a PE ratio of 11.22, a P/E/G ratio of 1.40 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is 32.85%.

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.