Wells Fargo & Company (NYSE:WFC) Stake Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Wells Fargo & Company (NYSE:WFC) by 12.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,483,302 shares of the financial services provider’s stock after purchasing an additional 619,215 shares during the quarter. Principal Financial Group Inc.’s holdings in Wells Fargo & Company were worth $248,339,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Holderness Investments Co. increased its stake in Wells Fargo & Company by 0.8% in the 2nd quarter. Holderness Investments Co. now owns 26,077 shares of the financial services provider’s stock worth $1,181,000 after purchasing an additional 215 shares in the last quarter. Jacobi Capital Management LLC increased its stake in Wells Fargo & Company by 1.4% in the 1st quarter. Jacobi Capital Management LLC now owns 16,679 shares of the financial services provider’s stock worth $652,000 after purchasing an additional 236 shares in the last quarter. Usca Ria LLC increased its stake in Wells Fargo & Company by 0.4% in the 2nd quarter. Usca Ria LLC now owns 67,013 shares of the financial services provider’s stock worth $3,035,000 after purchasing an additional 242 shares in the last quarter. One Capital Management LLC increased its stake in Wells Fargo & Company by 0.6% in the 1st quarter. One Capital Management LLC now owns 38,403 shares of the financial services provider’s stock worth $1,500,000 after purchasing an additional 245 shares in the last quarter. Finally, Sargent Bickham Lagudis LLC boosted its position in Wells Fargo & Company by 12.2% during the 2nd quarter. Sargent Bickham Lagudis LLC now owns 2,511 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 274 shares during the period. 70.82% of the stock is currently owned by hedge funds and other institutional investors.

WFC has been the subject of a number of research reports. Raymond James raised their price objective on Wells Fargo & Company from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Deutsche Bank Aktiengesellschaft raised their price objective on Wells Fargo & Company from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, September 1st. Royal Bank of Canada raised their price objective on Wells Fargo & Company from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 7th. Bank of America upgraded Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a report on Friday, June 4th. Finally, Keefe, Bruyette & Woods began coverage on Wells Fargo & Company in a report on Wednesday, July 7th. They set an “outperform” rating and a $57.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $47.52.

Shares of NYSE WFC opened at $45.95 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $46.23 and its two-hundred day moving average is $44.24. The company has a market cap of $188.69 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.99 and a beta of 1.36. Wells Fargo & Company has a 12 month low of $20.76 and a 12 month high of $51.41.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.40. The business had revenue of $20.27 billion for the quarter, compared to analysts’ expectations of $17.69 billion. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. Wells Fargo & Company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.66) earnings per share. Sell-side analysts expect that Wells Fargo & Company will post 4.37 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 5th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.10. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.74%. Wells Fargo & Company’s payout ratio is currently 145.45%.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

Further Reading: 52-week highs

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

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