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

Concurrent Investment Advisors LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 82.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,050 shares of the financial services provider's stock after purchasing an additional 37,004 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Wells Fargo & Company were worth $5,890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth about $3,365,658,000. Capital Research Global Investors increased its position in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. GAMMA Investing LLC raised its stake in Wells Fargo & Company by 7,887.9% during the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock worth $243,589,000 after purchasing an additional 3,350,605 shares during the period. Northern Trust Corp boosted its holdings in shares of Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $198,801,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.2%

Shares of WFC stock traded up $0.96 on Friday, hitting $83.32. The stock had a trading volume of 11,237,287 shares, compared to its average volume of 17,377,113. The firm has a market capitalization of $271.12 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 1.40 and a beta of 1.16. The stock's 50 day moving average is $75.34 and its 200-day 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 52-week low of $50.15 and a 52-week high of $83.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. As a group, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board has initiated a stock repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WFC. JPMorgan Chase & Co. cut their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Piper Sandler restated an "overweight" rating and issued a $85.00 price objective (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Evercore ISI boosted their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Bank of America increased their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $78.33.

Wells Fargo & 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.