KFG Wealth Management LLC Takes Position in Wells Fargo & Company $WFC

Key Points

• KFG Wealth Management LLC acquired a new position in Wells Fargo, purchasing 4,123 shares valued at approximately $330,000 during the second quarter.
• Wells Fargo recently raised its quarterly dividend from $0.40 to $0.45, representing a 2.1% yield.
• Analysts have shown optimism, with several institutions upgrading their price targets; Truist Financial increased its target from $83.00 to $86.00 along with buy ratings from various firms.

KFG Wealth Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 4,123 shares of the financial services provider's stock, valued at approximately $330,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company during the first quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after acquiring an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at approximately $408,000. RKL Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after purchasing an additional 5,113 shares during the last quarter. Finally, Allianz SE increased its stake in shares of Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WFC shares. Truist Financial upped their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Bank of America boosted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note 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, Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $85.17 on Tuesday. Wells Fargo & Company has a 52-week low of $53.31 and a 52-week high of $85.28. The company has a fifty day moving average of $80.47 and a 200-day moving average of $75.50. The company has a market capitalization of $272.85 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.31 and a beta of 1.25. 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 - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter last year, the business posted $1.33 earnings per share. The company's revenue for the quarter was up .6% on a year-over-year basis. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders 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. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's payout ratio is currently 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.

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