Patten & Patten Inc. TN Has $569,000 Position in Wells Fargo & Company $WFC

Patten & Patten Inc. TN lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 3.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,107 shares of the financial services provider’s stock after selling 287 shares during the quarter. Patten & Patten Inc. TN’s holdings in Wells Fargo & Company were worth $569,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of WFC. Brighton Jones LLC lifted its stake in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after acquiring an additional 25,436 shares in the last quarter. GAMMA Investing LLC lifted its stake in Wells Fargo & Company by 11.3% during the 1st quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider’s stock valued at $3,393,000 after acquiring an additional 4,786 shares in the last quarter. Centennial Wealth Advisory LLC lifted its stake in Wells Fargo & Company by 7.9% during the 1st quarter. Centennial Wealth Advisory LLC now owns 3,805 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 280 shares in the last quarter. Premier Path Wealth Partners LLC lifted its stake in Wells Fargo & Company by 1.0% during the 1st quarter. Premier Path Wealth Partners LLC now owns 23,366 shares of the financial services provider’s stock valued at $1,677,000 after acquiring an additional 235 shares in the last quarter. Finally, Silver Oak Securities Incorporated bought a new position in Wells Fargo & Company during the 1st quarter valued at $215,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WFC. Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Bank of America lifted their target price on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Trading Down 2.9%

Shares of WFC opened at $83.97 on Friday. The business has a 50-day moving average of $81.10 and a 200 day moving average of $76.82. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $87.47. The firm has a market cap of $268.99 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter last year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors 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. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s payout ratio is 30.82%.

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.