Concurrent Investment Advisors LLC Purchases 39,690 Shares of Wells Fargo & Company $WFC

Key Points

• Concurrent Investment Advisors increased its Wells Fargo stake by 56.9%, acquiring 39,690 additional shares for a total of 109,486 shares valued at approximately $9.05 million. Institutional investors collectively own 75.9% of WFC.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $98.61, although JPMorgan and Baird maintained neutral ratings.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 in EPS and $22.62 billion in revenue. The company also raised its quarterly dividend to $0.50 per share, representing a 2.2% annualized yield.

Concurrent Investment Advisors LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 56.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,486 shares of the financial services provider's stock after acquiring an additional 39,690 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Wells Fargo & Company were worth $9,048,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in WFC. Nixon Peabody Trust Co. increased its holdings in Wells Fargo & Company by 3.6% in the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider's stock worth $312,000 after buying an additional 115 shares in the last quarter. MFA Wealth Services raised its holdings in shares of Wells Fargo & Company by 0.7% during the second quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider's stock valued at $1,381,000 after purchasing an additional 115 shares during the last quarter. Simmons Bank raised its holdings in shares of Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock valued at $593,000 after purchasing an additional 116 shares during the last quarter. Wood Tarver Financial Group LLC lifted its position in Wells Fargo & Company by 1.6% during the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider's stock valued at $722,000 after purchasing an additional 120 shares during the period. Finally, Hidden Cove Wealth Management LLC lifted its position in Wells Fargo & Company by 1.8% during the second quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider's stock valued at $566,000 after purchasing an additional 124 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Robert W. Baird increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $89.90 on Friday. The firm has a 50 day moving average of $86.69 and a 200 day moving average of $82.66. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $271.86 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the firm earned $1.60 earnings per share. The company's quarterly revenue was up 8.6% on a year-over-year basis. On average, research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were paid a $0.50 dividend. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 29.07%.

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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