Sagespring Wealth Partners LLC Purchases 6,852 Shares of Wells Fargo & Company (NYSE:WFC)

Sagespring Wealth Partners LLC lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 34.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,891 shares of the financial services provider’s stock after acquiring an additional 6,852 shares during the period. Sagespring Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $1,931,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Valmark Advisers Inc. boosted its holdings in shares of Wells Fargo & Company by 5.5% during the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock worth $583,000 after buying an additional 431 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at $1,656,000. Modera Wealth Management LLC boosted its stake in Wells Fargo & Company by 14.1% during the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock worth $1,444,000 after acquiring an additional 2,548 shares in the last quarter. Cornerstone Advisors LLC grew its holdings in Wells Fargo & Company by 2.1% in the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider’s stock worth $14,343,000 after purchasing an additional 4,200 shares during the period. Finally, Jessup Wealth Management Inc bought a new stake in Wells Fargo & Company in the fourth quarter valued at $224,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $73.07 on Tuesday. The business’s fifty day moving average is $71.65 and its 200 day moving average is $72.85. The firm has a market cap of $237.78 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 earnings per share. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its board has authorized a stock repurchase program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Morgan Stanley raised their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Piper Sandler restated an “overweight” rating and set a $85.00 price objective (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Raymond James cut their target price on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a report on Monday, April 14th. Finally, Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $77.68.

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.