ProVise Management Group LLC Has $21.53 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

ProVise Management Group LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.4% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 362,554 shares of the financial services provider’s stock after buying an additional 8,549 shares during the quarter. Wells Fargo & Company comprises about 1.8% of ProVise Management Group LLC’s portfolio, making the stock its 13th largest holding. ProVise Management Group LLC’s holdings in Wells Fargo & Company were worth $21,532,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Core Wealth Advisors Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $25,000. Transcendent Capital Group LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $32,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $34,000. Valued Wealth Advisors LLC raised its position in shares of Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after buying an additional 220 shares in the last quarter. Finally, J.Safra Asset Management Corp raised its position in shares of Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after buying an additional 648 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WFC. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and dropped their target price for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. BMO Capital Markets boosted their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Evercore ISI decreased their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, September 6th. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Stock Down 0.5 %

Shares of NYSE WFC opened at $54.26 on Thursday. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s 50 day simple moving average is $56.28 and its two-hundred day simple moving average is $57.89. The stock has a market capitalization of $189.17 billion, a P/E ratio of 11.14, a PEG ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.40 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wells Fargo & 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.