Wells Fargo & Company $WFC Shares Acquired by Sagespring Wealth Partners LLC

Key Points

• Sagespring Wealth Partners LLC increased its holdings in Wells Fargo & Company by 19.5% during the second quarter, now owning 32,145 shares valued at approximately $2.58 million.
• Wells Fargo reported $1.66 EPS for the previous quarter, surpassing expectations and marking a 5.3% increase in revenue year-over-year to $21.44 billion.
• The company increased its quarterly dividend to $0.45 per share, up from $0.40, representing a 2.1% yield and a payout ratio of 30.82%.

Sagespring Wealth Partners LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 19.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,145 shares of the financial services provider's stock after acquiring an additional 5,254 shares during the period. Sagespring Wealth Partners LLC's holdings in Wells Fargo & Company were worth $2,575,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of WFC. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after purchasing an additional 7,894,919 shares during the last quarter. Strs Ohio acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth about $109,643,000. Canada Pension Plan Investment Board raised 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. raised its position in shares of 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 worth $353,668,000 after purchasing an additional 1,152,181 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 7.1%

Shares of NYSE WFC opened at $84.51 on Wednesday. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $86.65. The stock has a market cap of $270.71 billion, a PE ratio of 14.47, a P/E/G ratio of 1.27 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The company has a 50-day moving average of $80.79 and a 200 day moving average of $76.67.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly 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 16.82% and a return on equity of 12.29%. The business had revenue of $21.44 billion during the quarter, compared to analysts' expectations of $21.11 billion. During the same quarter in the prior year, the company posted $1.42 EPS. The business's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Citigroup upped their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.77.

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.

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