Wells Fargo & Company (NYSE:WFC) Shares Acquired by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 82.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,050 shares of the financial services provider’s stock after acquiring an additional 37,004 shares during the period. Concurrent Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $5,890,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Shakespeare Wealth Management LLC raised its position in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares during the period. Safeguard Investment Advisory Group LLC grew its holdings in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock valued at $410,000 after buying an additional 137 shares in the last quarter. Jaffetilchin Investment Partners LLC grew its holdings in shares of Wells Fargo & Company by 0.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 22,501 shares of the financial services provider’s stock valued at $1,580,000 after buying an additional 144 shares in the last quarter. TCTC Holdings LLC grew its holdings in shares of Wells Fargo & Company by 2.1% during the fourth quarter. TCTC Holdings LLC now owns 7,525 shares of the financial services provider’s stock valued at $529,000 after buying an additional 152 shares in the last quarter. Finally, Highline Wealth Partners LLC grew its holdings in shares of Wells Fargo & Company by 1.1% during the first quarter. Highline Wealth Partners LLC now owns 13,815 shares of the financial services provider’s stock valued at $992,000 after buying an additional 156 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.2%

Shares of WFC stock opened at $83.32 on Friday. The stock’s 50 day simple moving average is $75.34 and its 200 day simple moving average is $73.47. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. The company has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.40 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period last year, the business earned $1.20 EPS. The firm’s revenue was down 3.4% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company declared that its Board of Directors has authorized a share buyback plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research analyst reports. Bank of America lifted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Piper Sandler reiterated an “overweight” rating and set a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Truist Financial lowered their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Morgan Stanley lifted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, June 4th. Finally, The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.33.

Wells Fargo & Company Company Profile

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.