Free Trial

Lockheed Martin Investment Management Co. Increases Position in Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company logo with Finance background

Key Points

  • Lockheed Martin Investment Management Co. increased its position in Wells Fargo by 60.2%, acquiring an additional 185,300 shares, bringing its total to 493,100 shares valued at approximately $35.4 million.
  • Wells Fargo reported a quarterly earnings per share of $1.54, exceeding analysts' expectations, and has authorized a $40 billion share repurchase program to buy back approximately 17.2% of its shares.
  • The company has announced a dividend increase to $0.45 per share, yielding 2.3%, up from the previous $0.40, with a payout ratio of 27.4%.
  • Looking to Export and Analyze Wells Fargo & Company Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Lockheed Martin Investment Management Co. lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 60.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 493,100 shares of the financial services provider's stock after buying an additional 185,300 shares during the period. Wells Fargo & Company makes up approximately 1.4% of Lockheed Martin Investment Management Co.'s portfolio, making the stock its 20th biggest holding. Lockheed Martin Investment Management Co.'s holdings in Wells Fargo & Company were worth $35,400,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WFC. Cooper Financial Group raised its holdings in shares of Wells Fargo & Company by 40.6% in the 1st quarter. Cooper Financial Group now owns 7,897 shares of the financial services provider's stock worth $567,000 after purchasing an additional 2,282 shares during the period. Berger Financial Group Inc raised its holdings in shares of Wells Fargo & Company by 1.4% in the 1st quarter. Berger Financial Group Inc now owns 12,399 shares of the financial services provider's stock worth $890,000 after purchasing an additional 167 shares during the period. Pandora Wealth Inc. bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth approximately $75,000. Fiduciary Family Office LLC bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth approximately $2,796,000. Finally, Frank Rimerman Advisors LLC raised its holdings in shares of Wells Fargo & Company by 13.9% in the 1st quarter. Frank Rimerman Advisors LLC now owns 23,380 shares of the financial services provider's stock worth $1,678,000 after purchasing an additional 2,848 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $77.78 on Friday. The company's 50-day moving average price is $78.92 and its 200-day moving average price is $74.95. Wells Fargo & Company has a twelve month low of $50.22 and a twelve month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a market cap of $249.16 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the firm posted $1.33 EPS. The business's quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its board has approved a share repurchase program on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is presently 27.40%.

Analyst Ratings Changes

A number of research firms recently commented on WFC. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Barclays lowered their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group reduced their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Read Our Latest Analysis on WFC

About Wells Fargo & Company

(Free Report)

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.

See Also

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).

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

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.

Should You Invest $1,000 in Wells Fargo & Company Right Now?

Before you consider Wells Fargo & Company, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wells Fargo & Company wasn't on the list.

While Wells Fargo & Company currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Options Trading Made Easy - Download Now Cover

Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Growth Stocks That Could Pop Before Summer Ends
3 Buy-the-Dip Stocks Poised to Rebound Soon
Quantum Boom: 3 Strong Picks with Lower Risk

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines