Aspen Investment Management Inc Purchases 687 Shares of Wells Fargo & Company $WFC

Aspen Investment Management Inc grew its position in Wells Fargo & Company (NYSE:WFC) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,163 shares of the financial services provider’s stock after acquiring an additional 687 shares during the quarter. Aspen Investment Management Inc’s holdings in Wells Fargo & Company were worth $730,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of WFC. Massachusetts Financial Services Co. MA lifted 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 buying an additional 7,894,919 shares during the period. GAMMA Investing LLC lifted its position in shares of Wells Fargo & Company by 7,887.9% during the 1st quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock worth $243,589,000 after buying an additional 3,350,605 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $198,801,000. Theleme Partners LLP bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $187,049,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $117,280,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the subject of several analyst reports. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Bank of America raised their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Finally, Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.56.

Wells Fargo & Company Stock Up 2.0%

NYSE WFC opened at $80.71 on Wednesday. The stock has a fifty day moving average of $80.51 and a 200-day moving average of $75.05. The stock has a market capitalization of $258.55 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.33 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is 30.82%.

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.