19,875 Wells Fargo & Company $WFC Shares Acquired by Provenance Wealth Advisors LLC

Key Points

• Provenance Wealth Advisors increased its Wells Fargo holdings by 19,875 shares in the third quarter, a 14,722.2% increase, bringing its total to 20,010 shares valued at about $1.60 million.
• Wells Fargo reported quarterly EPS of $1.87, slightly above estimates, while revenue of $21.87 billion fell short of forecasts; revenue rose 2% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $98.11. The bank also declared a $0.50 quarterly dividend per share, equivalent to a 2.3% annualized yield.

Provenance Wealth Advisors LLC grew its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 14,722.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,010 shares of the financial services provider's stock after purchasing an additional 19,875 shares during the quarter. Provenance Wealth Advisors LLC's holdings in Wells Fargo & Company were worth $1,602,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Bryn Mawr Trust Advisors LLC bought a new stake in Wells Fargo & Company during the second quarter valued at about $658,000. WINTON GROUP Ltd bought a new position in Wells Fargo & Company in the second quarter worth about $16,259,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Wells Fargo & Company in the second quarter worth about $1,116,000. Citizens Financial Group Inc. RI bought a new position in Wells Fargo & Company in the second quarter worth about $25,922,000. Finally, Whalen Wealth Management Inc. purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at about $1,190,000. Institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WFC. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a report on Thursday, October 15th. Robert W. Baird lifted their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. UBS Group reduced their price objective on shares of Wells Fargo & Company from $104.00 to $102.00 and set a "buy" rating for the company in a research note on Monday, October 5th. The Goldman Sachs Group set a $94.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, October 13th. Finally, HSBC initiated coverage on shares of Wells Fargo & Company in a research report on Monday, September 28th. They set a "buy" rating and a $108.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus price target of $98.11.

Wells Fargo & Company Stock Down 0.5%

Shares of WFC stock opened at $85.50 on Wednesday. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The stock's fifty day moving average price is $84.38 and its 200 day moving average price is $83.64. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $256.66 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 0.92 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The company had revenue of $21.87 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period in the prior year, the company posted $1.66 EPS. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. On average, research analysts expect that Wells Fargo & Company will post 7.27 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's payout ratio is presently 28.21%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

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