LMG Wealth Partners LLC Purchases 36,840 Shares of Wells Fargo & Company $WFC

Key Points

• LMG Wealth Partners LLC significantly increased its stake in Wells Fargo by 346.9% in Q2, now holding 47,460 shares valued at approximately $3.8 million.
• Wells Fargo recently raised its quarterly dividend from $0.40 to $0.45 per share, indicating a strong financial position with a 2.2% dividend yield.
• Analysts have mixed ratings on Wells Fargo's stock, with a consensus average rating of "Moderate Buy" and a target price of $89.57.

LMG Wealth Partners LLC boosted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 346.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,460 shares of the financial services provider's stock after acquiring an additional 36,840 shares during the period. LMG Wealth Partners LLC's holdings in Wells Fargo & Company were worth $3,802,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Accretive Wealth Partners LLC bought a new position in Wells Fargo & Company in the first quarter valued at about $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings 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 Wells Fargo & Company in the first quarter valued at about $408,000. RKL Wealth Management LLC boosted its holdings in Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares during the last quarter. Finally, Three Bridge Wealth Advisors LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $364,000. Institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on WFC shares. UBS Group decreased their price target on Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a report on Tuesday, October 7th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday. Weiss Ratings raised Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, October 8th. Finally, Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Ten analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus target price of $89.57.

Wells Fargo & Company Trading Down 0.9%

NYSE WFC opened at $83.25 on Monday. The firm has a market cap of $266.70 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.15 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock's 50-day moving average is $81.21 and its 200-day moving average is $77.01. Wells Fargo & Company has a one year low of $58.42 and a one year high of $87.47.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's payout ratio is 29.61%.

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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