Cornerstone Wealth Group LLC Invests $292,000 in Wells Fargo & Company (NYSE:WFC)

Cornerstone Wealth Group LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,039 shares of the financial services provider’s stock, valued at approximately $292,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fortis Group Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $25,000. Arlington Trust Co LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $25,000. Core Wealth Advisors Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. increased its stake in shares of Wells Fargo & Company by 208.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 356,620 shares during the last quarter. Finally, Tennessee Valley Asset Management Partners acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth $29,000. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. Citigroup reiterated a “neutral” rating and issued a $63.00 target price (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. Argus lifted their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a report on Monday, April 15th. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. JPMorgan Chase & Co. boosted their target price on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group upped their price target on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Fourteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $59.15.

Wells Fargo & Company Stock Up 3.4 %

WFC stock traded up $1.97 during trading on Friday, reaching $59.39. 31,074,465 shares of the stock were exchanged, compared to its average volume of 18,610,088. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55. The firm’s 50 day moving average is $59.55 and its 200 day moving average is $55.10. The firm has a market cap of $207.05 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 1.46 and a beta of 1.17.

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

Wells Fargo & Company Dividend Announcement

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