Wells Fargo & Company (NYSE:WFC) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Wells Fargo & Company (NYSE:WFC) by 12.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,483,302 shares of the financial services provider’s stock after acquiring an additional 619,215 shares during the quarter. Principal Financial Group Inc. owned approximately 0.13% of Wells Fargo & Company worth $248,339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. increased its stake in Wells Fargo & Company by 1.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 406,665 shares of the financial services provider’s stock valued at $18,418,000 after buying an additional 6,941 shares during the period. MCF Advisors LLC increased its stake in Wells Fargo & Company by 5.7% in the 2nd quarter. MCF Advisors LLC now owns 8,641 shares of the financial services provider’s stock valued at $391,000 after buying an additional 469 shares during the period. Rock Creek Group LP grew its stake in shares of Wells Fargo & Company by 16.4% during the 2nd quarter. Rock Creek Group LP now owns 6,212 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 875 shares during the period. Avantax Planning Partners Inc. grew its stake in shares of Wells Fargo & Company by 10.8% during the 2nd quarter. Avantax Planning Partners Inc. now owns 45,945 shares of the financial services provider’s stock worth $2,081,000 after purchasing an additional 4,465 shares during the period. Finally, Edgestream Partners L.P. acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth $1,090,000. 70.82% of the stock is currently owned by institutional investors.

A number of equities analysts have recently weighed in on WFC shares. Barclays upped their price target on shares of Wells Fargo & Company from $46.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 15th. Compass Point upped their price target on shares of Wells Fargo & Company from $46.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, May 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Wells Fargo & Company from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, September 1st. Raymond James boosted their price objective on shares of Wells Fargo & Company from $52.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Finally, Bank of America upgraded shares of Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Friday, June 4th. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $47.52.

Shares of WFC stock opened at $45.95 on Wednesday. The firm has a market cap of $188.69 billion, a P/E ratio of 13.19, a PEG ratio of 0.99 and a beta of 1.36. Wells Fargo & Company has a 1-year low of $20.76 and a 1-year high of $51.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.83 and a quick ratio of 0.81. The firm’s 50-day simple moving average is $46.23 and its 200-day simple moving average is $44.24.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 13th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.40. The firm had revenue of $20.27 billion during the quarter, compared to the consensus estimate of $17.69 billion. Wells Fargo & Company had a net margin of 19.79% and a return on equity of 9.85%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.66) EPS. Analysts expect that Wells Fargo & Company will post 4.37 earnings per share for the current fiscal year.

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

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

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