Klingman & Associates LLC Acquires New Position in Wells Fargo & Company $WFC

Key Points

• Klingman & Associates LLC has acquired 3,734 shares of Wells Fargo & Company, valued at approximately $299,000, marking a new position for the institutional investor.
• Several institutional investors have increased their holdings in Wells Fargo, with Phoenix Financial Ltd. boosting its stake by 437.6% during the second quarter.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, representing a yield of 2.1% and highlighting its commitment to returning value to shareholders.

Klingman & Associates LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,734 shares of the financial services provider's stock, valued at approximately $299,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Phoenix Financial Ltd. lifted its stake in Wells Fargo & Company by 437.6% during the second quarter. Phoenix Financial Ltd. now owns 1,312,103 shares of the financial services provider's stock worth $105,120,000 after purchasing an additional 1,068,040 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its stake in Wells Fargo & Company by 16.4% during the second quarter. Avidian Wealth Enterprises LLC now owns 8,787 shares of the financial services provider's stock worth $704,000 after purchasing an additional 1,240 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Wells Fargo & Company by 0.4% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,551,518 shares of the financial services provider's stock worth $124,597,000 after purchasing an additional 6,920 shares during the last quarter. Bogart Wealth LLC grew its stake in shares of Wells Fargo & Company by 17.5% during the second quarter. Bogart Wealth LLC now owns 1,543 shares of the financial services provider's stock worth $124,000 after buying an additional 230 shares during the last quarter. Finally, Canvas Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company during the second quarter worth $258,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on WFC shares. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. UBS Group decreased their target price on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a research note on Tuesday, October 7th. Finally, Barclays boosted their target price on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 15th. Ten research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $89.57.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $84.77 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The business has a 50-day moving average price of $81.49 and a two-hundred day moving average price of $77.24. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The company has a market cap of $271.56 billion, a P/E ratio of 13.94, a PEG ratio of 1.19 and a beta of 1.25.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is 29.61%.

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.

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