ProVise Management Group LLC Raises Position in Wells Fargo & Company $WFC

ProVise Management Group LLC lifted its stake in Wells Fargo & Company (NYSE:WFC) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 349,776 shares of the financial services provider’s stock after purchasing an additional 1,773 shares during the quarter. Wells Fargo & Company comprises 2.2% of ProVise Management Group LLC’s portfolio, making the stock its 12th biggest holding. ProVise Management Group LLC’s holdings in Wells Fargo & Company were worth $28,024,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of WFC. Access Investment Management LLC purchased a new position in Wells Fargo & Company during the second quarter worth $25,000. CBIZ Investment Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $27,000. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth about $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.3%

WFC opened at $84.98 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The stock’s fifty day moving average is $83.71 and its two-hundred day moving average is $79.86. The company has a market capitalization of $266.77 billion, a P/E ratio of 13.98, a PEG ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $88.64.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.18. The business had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.42 EPS. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.61%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of recent analyst reports. Truist Financial increased their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Barclays increased their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, UBS Group lowered their target price on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & 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.