High Yield Equity Income List by Sector

September 15, 2021 Tom Christopher, Equity Sector Analyst Advice & Research

High Yield Equity Income List Holdings by Sector

High Yield Equity Income List Overview

The High Yield Equity Income List (High Yield List) focuses on companies with higher dividend yields than the broader market. Our objective is to provide a diverse list of high yielding stocks with secure dividend streams that an investor can utilize as part of an income-producing portfolio and are willing to accept a higher level of risk.

High Yield Equity Income List Holdings Statistics

Consensus Dividend Dividend Consensus L-T EPS Date Market Cap per Dividend Pay NTM EPS Growth Added to Company Symbol Price (billion) Share Yield Cycle2 Estimate NTM PE Estimate List Communication Services (average) n/a n/a $141.3 n/a 5.5% n/a n/a 13.2x 3% n/a AT&T, Inc. T $27.33 $195.1 $2.08 7.6% 2,5,8,11 $3.15 8.7x 2% 7/2/12 Cogent Communications Holdings, Inc. CCOI $72.68 $3.5 $3.07 4.2% 3,6.9.12 $1.06 68.8x 8% 6/26/20 Verizon Communications, Inc. VZ $54.41 $225.3 $2.56 4.7% 2,5,8,11 $5.32 10.2x 3% 12/14/15 Consumer Discretionary n/a n/a $130.0 n/a 1.9% n/a n/a 21.9x 10% n/a Garmin Ltd. GRMN $169.47 $32.6 $2.68 1.6% 3,6,9,12 $5.70 29.7x 8% 6/9/17 Genuine Parts Co. GPC $120.00 $17.2 $3.26 2.7% 1,4,7,10 $6.57 18.3x 9% 6/24/19 The Home Depot, Inc. HD $333.12 $351.8 $6.60 2.0% 3,6,9,12 $14.46 23.0x 10% 4/16/20 Target Corp. TGT $242.24 $118.6 $3.60 1.5% 3,6,9,12 $12.37 19.6x 25% 6/24/19 Consumer Staples n/a n/a $269.4 n/a 2.7% n/a n/a 24.2x 9% n/a The Coca-Cola Co. KO $55.69 $240.3 $1.68 3.0% 4,7,10,12 $2.32 24.0x 9% 2/5/16 PepsiCo, Inc. PEP $155.15 $214.4 $4.30 2.8% 2,5,8,10 $6.41 24.2x 9% 4/3/20 Procter & Gamble Co. PG $145.43 $353.4 $3.48 2.4% 2,5,8,11 $5.93 24.5x 6% 2/19/13 Energy n/a n/a $148.4 n/a 5.8% n/a n/a 12.1x 17% n/a Chevron Corp. CVX $96.20 $185.5 $5.36 5.6% 3,6,9,12 $8.09 11.9x 20% 2/5/16 Exxon Mobil Corp. XOM $54.58 $231.1 $3.48 6.4% 3,6,9,13 $5.20 10.5x 17% 3/3/21 Phillips 66 PSX $65.24 $28.6 $3.60 5.5% 3,6,9,12 $4.46 14.6x -2% 12/11/20 High Yield Equity Income List Average1 n/a n/a $180.4 n/a 3.2% n/a n/a 20.0x 12% 7/22/2015

Please see pages 5-7 of this report for Important Disclosures, Disclaimers and Analyst Certification

Investment and Insurance Products: NOT FDIC Insured / NO Bank Guarantee / MAY Lose Value High Yield Equity Income List – Holdings by Sector September 15, 2021

High Yield Equity Income List Holdings Statistics

Consensus Dividend Dividend Consensus L-T EPS Date Market Cap per Dividend Pay NTM EPS Growth Added to Company Symbol Price (billion) Share Yield Cycle2 Estimate NTM PE Estimate List Financials n/a n/a $140.3 n/a 3.1% n/a n/a 11.6x 13% n/a Bank of America Corp. BAC $39.84 $338.1 $0.84 2.1% 1,4,7,9 $2.90 13.7x 19% 3/3/21 Citigroup, Inc. C $68.78 $139.4 $2.04 3.0% 1,4,7,10 $7.52 9.1x 28% 1/6/21 Huntington Bancshares, Inc. HBAN $15.04 $22.2 $0.60 4.0% 1,4,7,10 $1.27 11.8x 43% 10/30/17 JPMorgan Chase & Co. JPM $157.07 $469.3 $3.60 2.3% 1,4,7,10 $11.67 13.5x 10% 2/28/20 M&T Bank Corp. MTB $133.67 $17.2 $4.40 3.3% 1,4,7,11 $11.76 11.4x 13% 11/25/20 The PNC Financial Services Group, Inc. PNC $188.35 $80.0 $5.00 2.7% 1,4,7,12 $13.41 14.0x 38% 2/5/21 Prudential Financial, Inc. PRU $103.72 $40.1 $4.60 4.4% 1,4,7,13 $11.94 8.7x 7% 2/5/21 Truist Financial Corp. TFC $54.63 $72.9 $1.92 3.5% 1,4,7,14 $4.44 12.3x 13% 2/5/21 U.S. Bancorp USB $55.91 $82.9 $1.68 3.0% 1,4,7,11 $4.48 12.5x 13% 11/17/20 Health Care n/a n/a $263.7 n/a 3.6% n/a n/a 11.3x 5% n/a AbbVie, Inc. ABBV $106.48 $188.0 $5.20 4.9% 2,5,8,11 $13.28 8.0x 4% 6/26/20 Johnson & Johnson JNJ $164.80 $433.8 $4.24 2.6% 3,6,9,12 $9.81 16.8x 7% 12/3/18 Merck & Co., Inc. MRK $72.11 $182.5 $2.60 3.6% 1,4,7,10 $5.91 12.2x 8% 7/2/12 Pfizer Inc. PFE $44.71 $250.3 $1.56 3.5% 3,6,9,12 $3.98 11.2x -2% 12/5/14 Industrials n/a n/a $76.0 n/a 2.3% n/a n/a 21.3x 10% n/a Eaton Corp. Plc ETN $156.30 $62.3 $3.04 1.9% 3,5,8,11 $7.13 21.9x 11% 2/12/18 Emerson Electric Co. EMR $97.65 $58.4 $2.02 2.1% 3,6,9,12 $4.38 22.3x 12% 12/1/15 Lockheed Martin Corp. LMT $344.34 $95.0 $10.40 3.0% 3,6,9,11 $24.92 13.8x 5% 2/11/18 3M Co. MMM $182.42 $105.6 $5.92 3.2% 3,6,9,12 $10.05 18.1x 9% 4/3/20 Thomson Reuters Corp. TRI $118.47 $58.7 $1.62 1.4% 3,6,9,12 $2.03 58.3x 10% 12/17/13 Information Technology n/a n/a $547.0 n/a 2.1% n/a n/a 20.6x 15% n/a Apple, Inc. AAPL $148.12 $2,452.4 $0.88 0.6% 2,5,8,11 $5.51 26.9x 19% 12/3/18 Broadcom, Inc. AVGO $501.87 $206.8 $14.40 2.9% 3,6,9,12 $30.48 16.5x 23% 6/24/19 Cisco Systems, Inc. CSCO $57.87 $244.0 $1.48 2.6% 1,4,7,11 $3.43 16.9x 6% 5/5/16 Paychex, Inc. PAYX $109.66 $39.5 $2.64 2.4% 2,5,8,11 $3.38 32.4x 7% 7/2/12 Texas Instruments Incorporated TXN $195.11 $180.1 $4.08 2.1% 2,5,8,10 $7.75 25.2x 11% 12/11/20 QUALCOMM, Inc. QCOM $141.14 $159.2 $2.72 1.9% 2,5,8,11 $9.06 15.6x 29% 12/11/20 Materials n/a n/a $28.8 n/a 3.7% n/a n/a 10.6x 22% n/a Dow, Inc. DOW $59.65 $43.5 $2.80 4.7% 3,6,9,12 $7.57 7.9x 36% 6/7/13 Packaging Corporation of America PKG $148.28 $14.1 $4.00 2.7% 1,4,7,10 $9.20 16.1x 8% 7/2/12 Real Estate n/a n/a $41.7 n/a 3.0% n/a n/a 23.8x 6% n/a Crown Castle International Corp. CCI $189.25 $81.8 $5.32 2.8% 3,6,9,12 $7.02 27.0x 14% 3/14/17 STAG Industrial, Inc. STAG $41.60 $6.7 $1.45 3.5% Monthly $2.07 20.1x 4% 12/5/14 Welltower, Inc. WELL $87.54 $36.5 $2.44 2.8% 2,5,8,11 $3.42 25.6x 6% 12/6/16 Utilities n/a n/a $47.7 n/a 3.5% n/a n/a 21.4x 5% n/a Dominion Energy, Inc. D $76.15 $61.5 $2.52 3.3% 3,6,9,12 $4.09 18.6x 7% 5/31/16 Duke Energy Corp. DUK $101.61 $78.1 $3.94 3.9% 3,6,9,12 $5.11 19.9x 4% 7/22/15 Entergy Corp. ETR $114.39 $23.0 $3.80 3.3% 3,6,9,12 $6.02 19.0x 4% 8/22/17 NextEra Energy Partners LP NEP $79.60 $6.1 $2.51 3.2% 2,5,8,10 $2.13 37.4x 18% 2/28/20 The Southern Co. SO $65.97 $69.9 $2.64 4.0% 2,5,8,11 $3.29 20.1x 5% 1/6/21 High Yield Equity Income List Average1 n/a n/a $180.4 n/a 3.2% n/a n/a 20.0x 12% 7/22/2015 Source: FactSet, Wells Fargo Advisors, company reports 1Simple average for market cap, dividend yield, date added. Harmonic average for PE. Median for EPS growth estimate. 2Months in which dividends are paid. January is 1, February 2, etc. NTM = next twelve months EPS = earnings per share, funds from operations used for real estate investment trusts PE = price to earnings ratio L-T = long-term

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High Yield Equity Income List Holdings Statistics

TTM TTM Free Fiscal Dividend 5-Yr Dividend Cash TTM Free 5-Yr Avg 52-Week 52-Week Year per Dividend Payout Flow per Cash Flow NTM Relative NTM Int'l Net Debt / S&P Credit Symbol Sub-Industry Price Low High End Share CAGR Ratio Share Yield PE Relative PE Sales Capital Rating Communication Services (average) N/A n/a n/a n/a n/a n/a 7% 1526% n/a 9% 0.6x 0.8x 9% 73% n/a

T Integrated Telecommunication Services $27.33 $26.35 $33.88 Dec $2.08 2% - $4.00 15% 0.4x 0.5x 9% 53% BBB

CCOI Alternative Carriers $72.68 $53.20 $80.00 Dec $3.07 16% 3000% $2.07 3% 3.1x 3.5x 19% 96% -

VZ Integrated Telecommunication Services $54.41 $53.83 $61.95 Dec $2.56 2% 52% $5.21 10% 0.5x 0.6x 0% 69% BBB+

Consumer Discretionary N/A n/a n/a n/a n/a n/a 8% 41% n/a 5% 1.0x 1.0x 24% 28% n/a

GRMN Consumer Electronics $169.47 $91.84 $178.81 Dec $2.68 4% 41% $5.57 3% 1.3x 1.2x 53% -34% -

GPC Distributors $120.00 $88.99 $135.93 Dec $3.26 5% 57% $11.05 9% 0.9x 0.9x 34% 36% BBB

HD Home Improvement Retail $333.12 $246.59 $345.69 Jan $6.60 21% 44% $10.81 3% 1.1x 1.1x 8% 85% A

TGT General Merchandise Stores $242.24 $146.18 $267.06 Jan $3.60 4% 23% $12.58 5% 0.9x 0.9x 0% 27% A

Consumer Staples N/A n/a n/a n/a n/a n/a 5% 73% n/a 4% 1.1x 1.2x 54% 46% n/a

KO Soft Drinks $55.69 $47.30 $57.56 Dec $1.68 4% 89% $2.65 5% 1.1x 1.3x 65% 45% A+

PEP Soft Drinks $155.15 $128.32 $159.63 Dec $4.30 8% 70% $5.14 3% 1.1x 1.2x 42% 63% A+

PG Household Products $145.43 $121.54 $147.23 Jun $3.48 4% 59% $6.06 4% 1.2x 1.2x 56% 28% AA-

Energy N/A n/a n/a n/a n/a n/a 11% 280% n/a 6% 0.6x 1.2x 50% 28% n/a

CVX Integrated Oil & Gas $96.20 $65.16 $113.11 Dec $5.36 4% 280% $5.12 5% 0.6x 1.8x 61% 20% AA

XOM Integrated Oil & Gas $54.58 $31.11 $64.93 Dec $3.48 4% - $3.56 7% 0.6x 1.4x 65% 26% AA

PSX Oil & Gas Refining & Marketing $65.24 $43.27 $94.34 Dec $3.60 11% - $3.12 5% 0.7x 0.8x 24% 39% BBB+

Financials N/A n/a n/a n/a n/a n/a 21% 34% n/a 6% 0.5x 0.6x 14% 21% n/a

BAC Diversified Banks $39.84 $22.95 $43.49 Dec $0.84 29% 24% $0.64 2% 0.6x 0.6x 12% 61% A-

C Diversified Banks $68.78 $40.49 $80.29 Dec $2.04 66% 21% $13.39 19% 0.4x 0.5x 51% 68% BBB+

HBAN Regional Banks $15.04 $8.52 $16.91 Dec $0.60 19% 62% $1.58 11% 0.5x 0.6x 0% -20% BBB+

JPM Diversified Banks $157.07 $91.38 $167.44 Dec $3.60 16% 24% $2.66 2% 0.6x 0.7x 24% 65% A-

MTB Regional Banks $133.67 $88.48 $168.27 Dec $4.40 9% 34% $12.97 10% 0.5x 0.7x 0% 11% A-

PNC Regional Banks $188.35 $101.58 $203.88 Dec $5.00 18% 35% $7.41 4% 0.7x 0.7x 0% -51% A-

PRU Life & Health Insurance $103.72 $60.16 $109.17 Dec $4.60 13% 25% -$10.27 -10% 0.4x 0.4x 39% 16% A

TFC Regional Banks $54.63 $34.86 $62.69 Dec $1.92 11% 47% $6.36 12% 0.6x 0.7x 0% 35% A-

USB Diversified Banks $55.91 $34.17 $62.47 Dec $1.68 11% 36% $4.20 8% 0.6x 0.7x 0% 5% A+

Health Care N/A n/a n/a n/a n/a n/a 9% 95% n/a 7% 0.5x 0.7x 44% 33% n/a

ABBV Biotechnology $106.48 $79.11 $121.53 Dec $5.20 18% 137% $11.02 10% 0.4x 0.5x 24% 78% BBB+

JNJ Pharmaceuticals $164.80 $133.65 $179.92 Jan $4.24 6% 61% $8.45 5% 0.8x 0.9x 48% 8% AAA

MRK Pharmaceuticals $72.11 $71.72 $86.30 Dec $2.60 7% 117% $2.11 3% 0.6x 0.8x 56% 30% AA-

PFE Pharmaceuticals $44.71 $33.36 $51.86 Dec $1.56 6% 66% $3.72 8% 0.6x 0.7x 48% 16% A+

High Yield Equity Income List Average1 N/A n/a n/A n/a n/a n/a 11% 464% n/a 5% 0.7x 0.9x 32% 35% A-

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High Yield Equity Income List Holdings Statistics

TTM TTM Free Fiscal Dividend 5-Yr Dividend Cash TTM Free 5-Yr Avg 52-Week 52-Week Year per Dividend Payout Flow per Cash Flow NTM Relative NTM Int'l Net Debt / S&P Credit Symbol Sub-Industry Price Low High End Share CAGR Ratio Share Yield PE Relative PE Sales Capital Rating Industrials N/A n/a n/a n/a n/a n/a 5% 45% n/a 5% 1.0x 1.1x 63% 34% n/a

ETN Electrical Components & Equipment $156.30 $96.24 $171.32 Dec $3.04 6% 63% $5.73 4% 1.0x 0.9x 79% 43% A-

EMR Electrical Components & Equipment $97.65 $63.16 $105.99 Sep $2.02 1% 51% $5.63 6% 1.0x 1.1x 56% 29% A

MMM Industrial Conglomerates $182.42 $156.13 $208.95 Dec $5.92 7% 58% $12.02 7% 0.8x 1.0x 57% 41% A+

LMT Aerospace & Defense $344.34 $319.81 $399.60 Dec $10.40 10% 40% $17.87 5% 0.6x 0.9x 25% 50% A-

TRI Research & Consulting Services $118.47 $75.98 $120.31 Dec $1.62 1% 11% $5.23 4% 2.5x 2.1x 97% 9% BBB

Information Technology N/A n/a n/a n/a n/a n/a 18% 58% 5% 1.0x 1.0x 60% 9% n/a Technology Hardware Storage & AAPL $148.12 $103.10 $157.26 Sep $0.88 10% 16% $5.65 4% 1.3x 1.1x 55% 32% AA+ Peripherals AVGO Semiconductors $501.87 $343.48 $507.85 Nov $14.40 53% 104% $30.57 6% 0.8x 0.7x 80% 45% BBB-

CSCO Communications Equipment $57.87 $35.28 $60.27 Jul $1.48 9% 58% $3.48 6% 0.8x 0.8x 41% -22% AA-

PAYX Data Processing & Outsourced Services $109.66 $74.50 $118.22 May $2.64 8% 83% $3.16 3% 1.5x 1.4x 1% -4% -

TXN Semiconductors $195.11 $134.12 $197.58 Dec $4.08 22% 55% $6.92 4% 1.2x 1.2x 89% -7% A+

QCOM Semiconductors $141.14 $108.30 $167.94 Sep $2.72 7% 33% $8.20 6% 0.7x 0.9x 95% 12% A-

Materials N/A n/a n/a n/a n/a n/a 9% 54% 6% 0.8x 0.8x 36% 34% n/a

DOW Commodity Chemicals $59.65 $44.33 $71.38 Dec $2.80 - 51% $5.18 9% 0.4x 0.8x 67% 42% -

PKG Paper Packaging $148.28 $102.76 $156.54 Dec $4.00 9% 57% $5.31 4% 0.8x 0.8x 5% 27% BBB

Real Estate N/A n/a n/a n/a n/a n/a 2% 116% 2% 1.1x 1.0x 6% 53% n/a

CCI Specialized REITs $189.25 $146.15 $204.62 Dec $5.32 8% 70% $3.79 2% 1.3x 1.2x 0% 74% BBB-

STAG Industrial REITs $41.60 $29.34 $43.55 Dec $1.45 1% 74% $1.91 5% 0.9x 0.8x 0% 42% -

WELL Health Care REITs $87.54 $51.22 $89.80 Dec $2.44 -4% 206% $0.43 0% 1.2x 1.0x 19% 44% BBB+

Utilities N/A n/a n/a n/a n/a n/a 7% 85% -3% 1.0x 1.1x 3% 62% n/a

DUK Electric Utilities $101.61 $80.41 $108.38 Dec $3.94 3% 101% $0.08 0% 0.9x 1.0x 0% 58% A-

ETR Electric Utilities $114.39 $85.78 $115.02 Dec $3.80 2% 61% -$19.12 -17% 0.9x 0.9x 0% 68% BBB+

NEP Renewable Electricity $79.60 $55.13 $88.30 Dec $2.51 20% 74% $5.74 7% 1.8x 2.3x 13% 61% BB

SO Electric Utilities $65.97 $51.22 $67.54 Dec $2.64 3% 87% -$1.20 -2% 0.9x 0.9x 0% 64% A-

High Yield Equity Income List Average1 N/A n/a n/a n/a n/a n/a 11% 464% n/a 5% 0.7x 0.9x 32% 35% A-

S&P 500 SP50 $4,443 $3,209 $4,546 n/a $57.28 10% 34% $137 3% 1.0x 1.0x 32% 32% BBB+ Source: FactSet, Wells Fargo Advisors, company reports 1Simple average for dividend CAGR, payout, free cash flow yield, international sales, net debt/capital, credit rating. Harmonic average for PE. CAGR = compound annual growth rate TTM = trailing twelve months NTM = next twelve months EPS = earnings per share, funds from operations used for real estate investment trusts PE = price to earnings ratio

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Sector investing can be more volatile than investments that are broadly diversified over numerous sectors of the economy and will increase a portfolio’s vulnerability to any single economic, political, or regulatory development affecting the sector. This can result in greater price volatility. The Communication Services sector is subject to the risks associated with rising interest rates which could increase debt service costs, competition, increased costs to providers due to potential for large equipment upgrades. Risks associated with the Consumer Discretionary sector include, among others, apparel price deflation due to low-cost entries, high inventory levels and pressure from e-commerce players; reduction in traditional advertising dollars, increasing household debt levels that could limit consumer appetite for discretionary purchases, declining consumer acceptance of new product introductions, and geopolitical uncertainty that could affect consumer sentiment. Consumer Staples industries can be significantly affected by competitive pricing particularly with respect to the growth of low-cost emerging market production, government regulation, the performance of the overall economy, interest rates, and consumer confidence. The Energy sector may be adversely affected by changes in worldwide energy prices, exploration, production spending, government regulation, and changes in exchange rates, depletion of natural resources, and risks that arise from extreme weather conditions. Investing in the Financial services companies will subject an investment to adverse economic or regulatory occurrences affecting the sector. Some of the risks associated with investment in the Health Care sector include competition on branded products, sales erosion due to cheaper alternatives, research and development risk, government regulations and government approval of products anticipated to enter the market. There is increased risk investing in the Industrials sector. The industries within the sector can be significantly

Page 5 of 7 High Yield Equity Income List – Holdings by Sector September 15, 2021 affected by general market and economic conditions, competition, technological innovation, legislation and government regulations, among other things, all of which can significantly affect a portfolio’s performance. Materials industries can be significantly affected by the volatility of commodity prices, the exchange rate between foreign currency and the dollar, export/import concerns, worldwide competition, procurement and manufacturing and cost containment issues. Real estate investments have special risks, including possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions. Risks associated with the Technology sector include increased competition from domestic and international companies, unexpected changes in demand, regulatory actions, technical problems with key products, and the departure of key members of management. Technology and Internet-related stocks, especially smaller, less-seasoned companies, tend to be more volatile than the overall market. Utilities are sensitive to changes in interest rates, and the securities within the sector can be volatile and may underperform in a slow economy.

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