5 Best Dividend Stocks Under $50 According to Hedge Funds

2. Wells Fargo & Company (NYSE:WFC)

Share Price as of August 30: $44.01
Number of Hedge Fund Holders: 83

Wells Fargo & Company (NYSE:WFC) is a California-based multinational financial services company. Appreciating the company’s strong Q2 results, Barclays set a $58 price target on the stock in July with an Overweight rating on the shares.

On July 26, Wells Fargo & Company (NYSE:WFC) declared a 20% hike in its quarterly dividend to $0.30 per share. The company has been paying dividends to shareholders since 1995. As of August 30, the stock’s dividend yield came in at 2.72%.

In Q2 2022, Wells Fargo & Company (NYSE:WFC) reported over $166 million available in cash, cash equivalents, and restricted cash. The company’s total assets amount to over $1.8 billion and its revenue for the quarter stood at $17.03 billion. Moreover, it generated over $7.5 billion in free cash flow.

According to Insider Monkey’s database, 83 hedge funds owned stakes in Wells Fargo & Company (NYSE:WFC), compared with 93 in the previous quarter. These stakes are valued at over $5.16 billion.