Concurrent Investment Advisors LLC Purchases 29,127 Shares of Wells Fargo & Company $WFC

Key Points

• Concurrent Investment Advisors LLC increased its stake in Wells Fargo by 43.5%, purchasing 29,127 shares and bringing its total to 96,058 shares valued at about $8.95 million at quarter-end.
• Insiders sold 115,000 shares in the quarter (notably EVP Ellen R. Patterson's 60,000 and EVP Kleber Santos' 25,000), totaling roughly $10.05 million and leaving insiders with just 0.14% ownership.
• Wells Fargo beat quarterly EPS estimates ($1.60 vs. $1.58), declared a $0.45 quarterly dividend (≈2.3% yield), and carries a consensus analyst rating of "Moderate Buy" with a $97.75 target versus a current price near $79.45.

Concurrent Investment Advisors LLC boosted its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 43.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,058 shares of the financial services provider's stock after purchasing an additional 29,127 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Wells Fargo & Company were worth $8,953,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in WFC. Redmont Wealth Advisors LLC bought a new position in Wells Fargo & Company in the third quarter worth about $27,000. Marquette Asset Management LLC raised its holdings in Wells Fargo & Company by 472.4% in the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider's stock worth $28,000 after purchasing an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in Wells Fargo & Company in the third quarter worth about $30,000. Imprint Wealth LLC bought a new position in Wells Fargo & Company in the third quarter worth about $31,000. Finally, Aventus Investment Advisors Inc. bought a new position in Wells Fargo & Company in the third quarter worth about $37,000. 75.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Ellen R. Patterson sold 60,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the transaction, the executive vice president owned 169,496 shares in the company, valued at approximately $14,813,950.40. This represents a 26.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kleber Santos sold 25,000 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the completion of the transaction, the executive vice president owned 79,876 shares in the company, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 115,000 shares of company stock worth $10,050,000. 0.14% of the stock is owned by company insiders.

Wells Fargo & Company Stock Performance

WFC opened at $79.45 on Friday. Wells Fargo & Company has a 52-week low of $68.67 and a 52-week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. The company has a market cap of $245.16 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 0.94 and a beta of 1.06. The firm's 50-day moving average price is $81.34 and its 200-day moving average price is $86.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company had revenue of $21.45 billion for the quarter, compared to the consensus estimate of $21.85 billion. During the same quarter in the prior year, the company earned $1.39 EPS. Wells Fargo & Company's quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities analysts anticipate that Wells Fargo & Company will post 6.83 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, March 1st. Investors of record on Friday, February 6th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, February 6th. Wells Fargo & Company's dividend payout ratio is 27.78%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on WFC shares. Argus upped their price objective on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the company a "buy" rating in a report on Thursday, January 15th. Evercore restated an "outperform" rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Piper Sandler restated an "overweight" rating and set a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $108.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Finally, UBS Group restated a "buy" rating and set a $113.00 price objective on shares of Wells Fargo & Company in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $97.75.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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