Strategic Financial Concepts LLC Decreases Position in Wells Fargo & Company (NYSE:WFC)

Strategic Financial Concepts LLC trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 87.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,174 shares of the financial services provider's stock after selling 28,036 shares during the period. Strategic Financial Concepts LLC's holdings in Wells Fargo & Company were worth $300,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the period. Fisher Asset Management LLC raised its position in Wells Fargo & Company by 20.0% in the fourth quarter. Fisher Asset Management LLC now owns 29,789 shares of the financial services provider's stock valued at $2,092,000 after purchasing an additional 4,956 shares during the period. NewSquare Capital LLC lifted its stake in shares of Wells Fargo & Company by 734.3% in the 4th quarter. NewSquare Capital LLC now owns 1,385 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 1,219 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Wells Fargo & Company by 41.2% in the 4th quarter. Assetmark Inc. now owns 540,377 shares of the financial services provider's stock valued at $37,956,000 after purchasing an additional 157,660 shares during the last quarter. Finally, SPC Financial Inc. grew its holdings in shares of Wells Fargo & Company by 2.6% during the 4th quarter. SPC Financial Inc. now owns 6,099 shares of the financial services provider's stock worth $428,000 after purchasing an additional 154 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 1.2%

WFC traded up $0.96 on Friday, reaching $83.32. The company's stock had a trading volume of 11,237,287 shares, compared to its average volume of 17,353,350. The company has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 1.38 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.95. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a 50 day moving average of $75.07 and a two-hundred day moving average of $73.35.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping 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 analysts' expectations of $20.82 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The business's revenue was down 3.4% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.92%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has initiated 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 reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Bank of America boosted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday, April 14th. TD Cowen began coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Finally, Citigroup lifted their target price on shares of Wells Fargo & Company from $78.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target 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.