Wells Fargo & Company (NYSE:WFC) Shares Sold by ProVise Management Group LLC

Key Points

• ProVise Management Group LLC reduced its stake in Wells Fargo by 1.2%, holding 348,003 shares valued at approximately $24.98 million, which constitutes 2.1% of its portfolio.
• Wells Fargo recently increased its quarterly dividend to $0.45 per share, up from $0.40, resulting in an annualized dividend of $1.80 and a yield of 2.2%.
• The company's stock has a recent price range of $50.15 to $84.83 over the past year, and it reported earnings of $1.54 per share, exceeding analyst expectations of $1.41.

ProVise Management Group LLC lowered its stake in Wells Fargo & Company (NYSE:WFC) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 348,003 shares of the financial services provider's stock after selling 4,164 shares during the period. Wells Fargo & Company makes up approximately 2.1% of ProVise Management Group LLC's portfolio, making the stock its 13th biggest holding. ProVise Management Group LLC's holdings in Wells Fargo & Company were worth $24,983,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of WFC. Shakespeare Wealth Management LLC increased its stake in Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after buying an additional 130 shares during the period. Safeguard Investment Advisory Group LLC increased its stake in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after acquiring an additional 137 shares during the period. Summit Wealth & Retirement Planning Inc. increased its stake in shares of Wells Fargo & Company by 4.3% during the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock worth $241,000 after acquiring an additional 139 shares during the period. Nwam LLC raised its holdings in Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock worth $632,000 after purchasing an additional 142 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC lifted its position in Wells Fargo & Company by 0.6% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider's stock valued at $1,580,000 after purchasing an additional 144 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $80.63 on Friday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $84.83. The company has a market capitalization of $262.38 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.27 and a beta of 1.16. The stock has a fifty day moving average of $78.46 and a two-hundred day moving average of $74.90. 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 data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter last year, the business posted $1.33 EPS. The firm's quarterly revenue was up .6% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's payout ratio is presently 27.40%.

Wells Fargo & Company declared that its board has authorized a share repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on WFC shares. Bank of America boosted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. TD Cowen began coverage on Wells Fargo & Company in a report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. Wall Street Zen downgraded Wells Fargo & Company from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Finally, Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company 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.

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