Procyon Advisors LLC Raises Holdings in Wells Fargo & Company (NYSE:WFC)

Procyon Advisors LLC grew its stake in Wells Fargo & Company (NYSE:WFC) by 7.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,639 shares of the financial services provider’s stock after buying an additional 454 shares during the quarter. Procyon Advisors LLC’s holdings in Wells Fargo & Company were worth $466,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Tompkins Financial Corp grew its stake in shares of Wells Fargo & Company by 29.1% during the fourth quarter. Tompkins Financial Corp now owns 4,933 shares of the financial services provider’s stock worth $346,000 after purchasing an additional 1,113 shares in the last quarter. RDA Financial Network raised its stake in Wells Fargo & Company by 1,314.5% in the fourth quarter. RDA Financial Network now owns 3,706 shares of the financial services provider’s stock valued at $260,000 after buying an additional 3,444 shares in the last quarter. Goldstone Financial Group LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $226,000. Decker Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $32,000. Finally, Empirical Asset Management LLC increased its holdings in shares of Wells Fargo & Company by 229.7% in the 4th quarter. Empirical Asset Management LLC now owns 62,652 shares of the financial services provider’s stock valued at $4,401,000 after acquiring an additional 43,650 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 1.7 %

NYSE WFC opened at $77.22 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $257.11 billion, a P/E ratio of 16.05, a P/E/G ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a 52-week low of $46.12 and a 52-week high of $78.13. The firm has a 50-day moving average price of $72.74 and a 200 day moving average price of $63.44.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the firm earned $0.86 EPS. The company’s quarterly revenue was down .5% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post 5.45 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. Wells Fargo & Company’s payout ratio is currently 33.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on WFC shares. The Goldman Sachs Group boosted their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Citigroup boosted their price objective on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, Morgan Stanley raised their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.39.

About Wells Fargo & Company

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.