LifeWealth Investments LLC Makes New Investment in Wells Fargo & Company $WFC

Key Points

• LifeWealth Investments LLC has made a new investment in Wells Fargo & Company, purchasing 4,030 shares valued at approximately $323,000 in the second quarter.
• Wells Fargo recently reported earnings of $1.66 per share, surpassing analysts' expectations and reflecting a year-over-year revenue increase of 5.3% to $21.44 billion.
• The company has increased its quarterly dividend from $0.40 to $0.45, representing a yield of 2.1%, with a dividend payout ratio of 29.61%.

LifeWealth Investments LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,030 shares of the financial services provider's stock, valued at approximately $323,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after buying an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after buying an additional 7,894,919 shares during the last quarter. Strs Ohio acquired a new stake in shares of Wells Fargo & Company in the first quarter worth about $109,643,000. Canada Pension Plan Investment Board lifted its position in shares of Wells Fargo & Company by 34.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider's stock worth $381,016,000 after purchasing an additional 1,365,629 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Wells Fargo & Company by 30.5% during the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock valued at $353,668,000 after purchasing an additional 1,152,181 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.6%

NYSE WFC opened at $84.35 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a 50-day simple moving average of $81.71 and a 200 day simple moving average of $77.44. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The stock has a market cap of $270.22 billion, a PE ratio of 13.87, a PEG ratio of 1.15 and a beta of 1.25.

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

Wells Fargo & Company Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have commented on WFC shares. UBS Group dropped their price target on Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a research report on Tuesday, October 7th. Dbs Bank raised shares of Wells Fargo & Company to a "moderate buy" rating in a research report on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "market perform" rating in a research note on Wednesday, October 15th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.57.

Wells Fargo & Company Profile

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.