Procyon Advisors LLC Has $265,000 Position in Wells Fargo & Company $WFC

Key Points

• Procyon Advisors LLC has reduced its stake in Wells Fargo & Company by 51.6%, selling 3,520 shares, resulting in ownership of 3,303 shares valued at approximately $265,000.
• Wells Fargo recently reported quarterly earnings of $1.54 per share, exceeding estimates by $0.13, alongside a year-over-year revenue increase of 0.6% to $20.82 billion.
• The company also announced a dividend increase to $0.45 per share, marking an annual yield of 2.1% and a payout ratio of 30.82%.

Procyon Advisors LLC cut its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 51.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,303 shares of the financial services provider's stock after selling 3,520 shares during the quarter. Procyon Advisors LLC's holdings in Wells Fargo & Company were worth $265,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC increased its position in shares of Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after acquiring an additional 322 shares during the last quarter. Motco increased its position in shares of Wells Fargo & Company by 397.6% during the first 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. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $29,000. 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $31,000. Finally, Stone House Investment Management LLC acquired a new position in Wells Fargo & Company in the first quarter worth about $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $0.24 during trading on Monday, hitting $84.88. The company had a trading volume of 8,283,540 shares, compared to its average volume of 16,931,684. The company has a market cap of $271.91 billion, a P/E ratio of 14.51, a PEG ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $53.31 and a 52 week high of $84.93. The business's 50-day moving average is $80.44 and its 200 day moving average is $75.40. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm's revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research reports. Morgan Stanley lifted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Bank of America lifted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $82.56.

About Wells Fargo & Company

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.