Cornerstone Wealth Management LLC Sells 1,557 Shares of Wells Fargo & Company (NYSE:WFC)

Cornerstone Wealth Management LLC decreased its stake in Wells Fargo & Company (NYSE:WFCFree Report) by 8.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,933 shares of the financial services provider’s stock after selling 1,557 shares during the period. Cornerstone Wealth Management LLC’s holdings in Wells Fargo & Company were worth $883,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in Wells Fargo & Company in the third quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. raised its position in shares of Wells Fargo & Company by 208.0% in the fourth 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 period. Studio Investment Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the first quarter valued at approximately $28,000. Finally, Baystate Wealth Management LLC raised its position in shares of Wells Fargo & Company by 53.0% in the third quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 278 shares during the period. Institutional investors own 72.47% of the company’s stock.

Wells Fargo & Company Stock Up 0.4 %

Shares of NYSE WFC opened at $57.77 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24. Wells Fargo & Company has a 12 month low of $35.25 and a 12 month high of $58.44. The firm has a market capitalization of $206.65 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19. The firm has a fifty day simple moving average of $51.71 and a two-hundred day simple moving average of $46.26.

Wells Fargo & Company (NYSE:WFCGet Free Report) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.30). The business had revenue of $20.48 billion during the quarter, compared to the consensus estimate of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.67 earnings per share. Equities analysts expect that Wells Fargo & Company will post 4.72 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.42%. Wells Fargo & Company’s payout ratio is 29.05%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on WFC shares. Raymond James boosted their price target on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 16th. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price on the stock. in a report on Thursday, January 18th. The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Compass Point boosted their price target on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, March 13th. Finally, Piper Sandler cut their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, January 16th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.13.

Get Our Latest Stock Report on Wells Fargo & Company

Wells Fargo & Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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