Concord Asset Management LLC VA Purchases 6,034 Shares of Wells Fargo & Company (NYSE:WFC)

Concord Asset Management LLC VA boosted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 89.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,755 shares of the financial services provider's stock after acquiring an additional 6,034 shares during the quarter. Concord Asset Management LLC VA's holdings in Wells Fargo & Company were worth $867,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. BNP Paribas bought a new position in Wells Fargo & Company during the 4th quarter valued at about $28,000. Parvin Asset Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $32,000. Dunhill Financial LLC grew its stake in shares of Wells Fargo & Company by 63.7% in the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock worth $35,000 after acquiring an additional 193 shares during the period. Finally, Orion Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $35,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. 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. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Barclays lowered their target price on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Finally, Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $0.22 on Thursday, reaching $79.69. 21,835,037 shares of the company's stock traded hands, compared to its average volume of 17,424,219. The stock has a 50-day simple moving average of $76.85 and a 200-day simple moving average of $74.05. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $83.95. The firm has a market cap of $259.33 billion, a PE ratio of 13.65, a P/E/G ratio of 1.33 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.33% and a net margin of 16.82%. The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter last year, the company earned $1.33 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. Equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its Board of Directors has approved a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.01%. Wells Fargo & Company's payout ratio is 27.40%.

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.