Procyon Advisors LLC Buys 2,464 Shares of Wells Fargo & Company (NYSE:WFC)

Procyon Advisors LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 105,457 shares of the financial services provider’s stock after purchasing an additional 2,464 shares during the period. Procyon Advisors LLC’s holdings in Wells Fargo & Company were worth $5,191,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in WFC. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company during the third quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its holdings in Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 356,620 shares during the period. Studio Investment Management LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 1st quarter valued at $28,000. Finally, Baystate Wealth Management LLC grew its holdings in Wells Fargo & Company by 53.0% in the 3rd quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 278 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Citigroup restated a “neutral” rating and issued a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Raymond James upped their price target on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 16th. Odeon Capital Group lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price for the company. in a research note on Thursday, January 18th. Robert W. Baird reissued a “neutral” rating and set a $55.00 price objective on shares of Wells Fargo & Company in a research report on Monday, January 8th. Finally, Piper Sandler dropped their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, January 16th. Twelve analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.19.

Wells Fargo & Company Stock Up 0.5 %

WFC traded up $0.28 during trading on Thursday, hitting $57.89. The stock had a trading volume of 1,413,401 shares, compared to its average volume of 18,923,348. The company has a market capitalization of $204.95 billion, a PE ratio of 11.95, a PEG ratio of 1.18 and a beta of 1.19. Wells Fargo & Company has a twelve month low of $36.27 and a twelve month high of $58.44. The stock has a 50 day simple moving average of $52.78 and a two-hundred day simple moving average of $46.94. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.88 and a current ratio of 0.88.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). Wells Fargo & Company had a net margin of 16.60% and a return on equity of 12.40%. The firm had revenue of $20.48 billion during the quarter, compared to analysts’ expectations of $20.30 billion. During the same quarter in the previous year, the business posted $0.67 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 4.72 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.05%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.