Lockheed Martin Investment Management Co. Has $17.79 Million Position in Wells Fargo & Company $WFC

Lockheed Martin Investment Management Co. cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 55.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 222,000 shares of the financial services provider’s stock after selling 271,100 shares during the period. Lockheed Martin Investment Management Co.’s holdings in Wells Fargo & Company were worth $17,787,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Wealth Management Partners LLC increased its stake in shares of Wells Fargo & Company by 3.5% during the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 128 shares during the last quarter. Verum Partners LLC raised its stake in Wells Fargo & Company by 1.8% in the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock valued at $582,000 after buying an additional 128 shares during the period. Motive Wealth Advisors raised its stake in Wells Fargo & Company by 3.7% in the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock valued at $293,000 after buying an additional 129 shares during the period. Exencial Wealth Advisors LLC raised its stake in Wells Fargo & Company by 0.7% in the second quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider’s stock valued at $1,443,000 after buying an additional 131 shares during the period. Finally, Yukon Wealth Management Inc. raised its stake in Wells Fargo & Company by 4.3% in the second quarter. Yukon Wealth Management Inc. now owns 3,179 shares of the financial services provider’s stock valued at $255,000 after buying an additional 132 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays upped their price objective on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. The Goldman Sachs Group dropped their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $85.92 on Friday. The company’s 50 day moving average price is $82.59 and its two-hundred day moving average price is $78.32. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $87.47. The firm has a market cap of $275.23 billion, a PE ratio of 14.13, a PEG ratio of 1.18 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the prior year, the business posted $1.42 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is currently 29.61%.

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.