Concurrent Investment Advisors LLC Boosts Stock Position in Wells Fargo & Company $WFC

Concurrent Investment Advisors LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 56.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth $25,000. Navalign LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth $26,000. Core Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $29,000. Finally, Strive Financial Group LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $29,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $89.90 on Friday. The firm has a market cap of $271.86 billion, a price-to-earnings ratio of 13.07, a P/E/G ratio of 0.98 and a beta of 0.92. The firm has a fifty day moving average price of $86.69 and a 200 day moving average price of $82.66. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.60 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on WFC shares. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Bank of America raised their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. UBS Group lowered their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley upped their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Finally, Robert W. Baird increased their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & 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.