LMG Wealth Partners LLC Has $3.80 Million Position in Wells Fargo & Company $WFC

LMG Wealth Partners LLC lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 346.9% during the second quarter, HoldingsChannel reports. The firm owned 47,460 shares of the financial services provider’s stock after acquiring an additional 36,840 shares during the quarter. LMG Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $3,802,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Livforsakringsbolaget Skandia Omsesidigt raised its position in Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares in the last quarter. Strs Ohio bought a new position in Wells Fargo & Company in the first quarter valued at approximately $109,643,000. Canada Pension Plan Investment Board grew its stake in Wells Fargo & Company by 34.6% in the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock valued at $381,016,000 after purchasing an additional 1,365,629 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Wells Fargo & Company by 30.5% in the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock valued at $353,668,000 after purchasing an additional 1,152,181 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $83.25 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The stock has a 50 day moving average of $81.21 and a 200-day moving average of $77.01. The company has a market capitalization 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.

Wells Fargo & Company Increases Dividend

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

Wall Street Analyst Weigh In

WFC has been the subject of a number of analyst reports. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Barclays raised their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Ten investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.57.

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.