Cookson Peirce & Co. Inc. Buys Shares of 2,854 Wells Fargo & Company $WFC

Cookson Peirce & Co. Inc. bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, HoldingsChannel reports. The institutional investor bought 2,854 shares of the financial services provider’s stock, valued at approximately $229,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brookstone Capital Management raised its position in Wells Fargo & Company by 8.4% during the 2nd quarter. Brookstone Capital Management now owns 44,038 shares of the financial services provider’s stock valued at $3,528,000 after purchasing an additional 3,408 shares in the last quarter. Jacobsen Capital Management raised its position in Wells Fargo & Company by 12.5% during the 2nd quarter. Jacobsen Capital Management now owns 6,192 shares of the financial services provider’s stock valued at $496,000 after purchasing an additional 688 shares in the last quarter. Blume Capital Management Inc. raised its position in Wells Fargo & Company by 1.7% during the 2nd quarter. Blume Capital Management Inc. now owns 127,711 shares of the financial services provider’s stock valued at $10,232,000 after purchasing an additional 2,087 shares in the last quarter. Gables Capital Management Inc. raised its position in Wells Fargo & Company by 6.8% during the 2nd quarter. Gables Capital Management Inc. now owns 2,350 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 150 shares in the last quarter. Finally, IMG Wealth Management Inc. bought a new stake in Wells Fargo & Company during the 2nd quarter valued at $75,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 0.6%

Shares of WFC stock opened at $84.35 on Friday. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The stock’s fifty day moving average price is $81.71 and its 200 day moving average price is $77.44. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $270.22 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.15 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. During the same period in the previous year, the business earned $1.42 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were paid a dividend of $0.45 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.61%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WFC. Bank of America boosted their price target on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Raymond James Financial lowered Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. TD Cowen boosted their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Wednesday, October 15th. Barclays boosted their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Finally, Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.57.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.