Wells Fargo & Company $WFC Stock Position Decreased by Lockheed Martin Investment Management Co.

Lockheed Martin Investment Management Co. cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 26.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 164,200 shares of the financial services provider’s stock after selling 57,800 shares during the period. Lockheed Martin Investment Management Co.’s holdings in Wells Fargo & Company were worth $13,763,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Hilton Capital Management LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter worth about $3,656,000. Three Bridge Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $364,000. Board of the Pension Protection Fund acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $40,000. Arkadios Wealth Advisors lifted its position in shares of Wells Fargo & Company by 65.2% in the third quarter. Arkadios Wealth Advisors now owns 43,622 shares of the financial services provider’s stock worth $3,656,000 after purchasing an additional 17,223 shares in the last quarter. Finally, Synergy Asset Management LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth approximately $10,729,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 2.3%

Wells Fargo & Company stock opened at $88.08 on Friday. Wells Fargo & Company has a one year low of $58.42 and a one year high of $97.76. The company’s fifty day moving average price is $90.29 and its two-hundred day moving average price is $84.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84. The company has a market capitalization of $276.49 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 0.93 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.10. The company had revenue of $21.29 billion during the quarter, compared to analysts’ expectations of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.43 earnings per share. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, November 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.71%.

Wall Street Analyst Weigh In

WFC has been the topic of several research reports. TD Cowen dropped their price objective on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, January 15th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. CICC Research started coverage on Wells Fargo & Company in a report on Wednesday, January 14th. They set a “market perform” rating and a $96.00 price objective for the company. Argus lifted their price objective on Wells Fargo & Company from $94.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Finally, HSBC restated a “hold” rating and issued a $74.00 target price on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Thirteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.87.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.