Concord Wealth Partners Buys 5,200 Shares of Wells Fargo & Company (NYSE:WFC)

Concord Wealth Partners boosted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 68.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,819 shares of the financial services provider's stock after purchasing an additional 5,200 shares during the quarter. Concord Wealth Partners' holdings in Wells Fargo & Company were worth $920,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 1st quarter valued at approximately $408,000. RKL Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after buying an additional 5,113 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Wells Fargo & Company by 12.1% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock valued at $45,783,000 after acquiring an additional 70,104 shares during the last quarter. Silver Oak Securities Incorporated bought a new position in Wells Fargo & Company during the first quarter worth about $215,000. Finally, Principal Financial Group Inc. raised its position in Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock valued at $353,668,000 after buying an additional 1,152,181 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded down $0.22 during trading hours on Thursday, hitting $79.69. 21,835,037 shares of the company traded hands, compared to its average volume of 17,424,434. The firm has a market cap of $259.33 billion, a P/E ratio of 13.65, a P/E/G ratio of 1.35 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. The firm's 50-day simple moving average is $76.85 and its two-hundred day simple moving average is $74.05. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the prior year, the firm posted $1.33 earnings per share. The firm's revenue for the quarter was up .6% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced 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 2.01%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is 27.40%.

Wells Fargo & Company announced that its board has approved a share buyback 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 an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on WFC. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.39.

About Wells Fargo & Company

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.