Sagespring Wealth Partners LLC Raises Position in Wells Fargo & Company $WFC

Sagespring Wealth Partners LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 19.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,145 shares of the financial services provider’s stock after buying an additional 5,254 shares during the period. Sagespring Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $2,575,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Equitable Trust Co. raised its position in shares of Wells Fargo & Company by 6.6% in the second quarter. Equitable Trust Co. now owns 27,586 shares of the financial services provider’s stock valued at $2,210,000 after buying an additional 1,719 shares during the last quarter. IFC Advisors LLC purchased a new stake in Wells Fargo & Company during the second quarter worth approximately $214,000. Morningstar Investment Management LLC grew its stake in Wells Fargo & Company by 11.7% during the second quarter. Morningstar Investment Management LLC now owns 11,683 shares of the financial services provider’s stock worth $936,000 after buying an additional 1,220 shares during the period. Naviter Wealth LLC boosted its stake in shares of Wells Fargo & Company by 0.9% in the second quarter. Naviter Wealth LLC now owns 35,903 shares of the financial services provider’s stock valued at $2,877,000 after purchasing an additional 307 shares during the period. Finally, Axxcess Wealth Management LLC boosted its stake in shares of Wells Fargo & Company by 35.7% in the second quarter. Axxcess Wealth Management LLC now owns 68,849 shares of the financial services provider’s stock valued at $5,516,000 after purchasing an additional 18,124 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WFC shares. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. 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. 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. Finally, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $86.77.

Wells Fargo & Company Stock Up 7.1%

WFC stock opened at $84.51 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $86.65. The firm’s 50-day simple moving average is $80.79 and its 200 day simple moving average is $76.67. The stock has a market cap of $270.71 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 EPS. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

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

Wells Fargo & Company 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.