Added A Little Wells Fargo To The ETF Monkey Core Monthly Dividend Portfolio

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About: Wells Fargo & Co. (WFC)
by: ETF Monkey

In February, 2017, I wrote an article for Seeking Alpha entitled A Dividend Portfolio Built From The World's Best Dividend ETFs. I later expanded on the work I did in a second article, entitled 20 Top Stocks For A Monthly Dividend Portfolio. In this article, I expanded the original portfolio of 12 stocks to 20, with the specific goal of adding companies that, together, generated at least some level of income for the portfolio each and every month.

At the end of that second article, I revealed that I had "put my money where my mouth is," selling all my holdings in 4 dividend-focused ETFs and replacing them with the 20 stocks listed in the article, as well as two "bonus" stocks. I implemented all of this on July 20, 2017.

I recently added a few additional shares of Wells Fargo (NYSE:WFC) to the portfolio.

My original position was purchased at $54.93 per share. Since that time, the share price has continued to decline, allowing me to pick up a small additional amount for $49.67 this past Wednesday morning. As it happens, it is trading at $49.68 as I write this, so not much has changed since my purchase.

Wells Fargo is going through a difficult time at the moment due to a recent update which revealed an increase in the number of unauthorized consumer and small-business accounts that were opened. As readers may be aware, Wells has unfortunately been caught up in multiple scandals over the past year, all of which have to some extent damaged the reputation of what had previously been viewed as one of the best-run banks out there. However, for a shareholder such as myself, who plans on holding for the long term, and as part of my core dividend portfolio, I have to look past the current scandals and ask myself whether their long-term future is still sound. In this article, one of my fellow Seeking Alpha authors argues that it is. I might also note that Morningstar rates Wells Fargo 4-stars, despite the status of the various scandals.

What do you think? Add more? Hold? Or sell? All comments are welcomed.