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

Concurrent Investment Advisors LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,754 shares of the financial services provider’s stock after buying an additional 2,704 shares during the period. Concurrent Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $6,790,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WFC. Wealth Management Partners LLC increased its position in Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 128 shares during the last quarter. Verum Partners LLC increased its position in Wells Fargo & Company by 1.8% during the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock valued at $582,000 after acquiring an additional 128 shares during the last quarter. Motive Wealth Advisors increased its position in Wells Fargo & Company by 3.7% during the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock valued at $293,000 after acquiring an additional 129 shares during the last quarter. Vivid Wealth Management LLC increased its position in Wells Fargo & Company by 0.8% during the second quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider’s stock valued at $1,381,000 after acquiring an additional 133 shares during the last quarter. Finally, Lynch & Associates IN increased its position in Wells Fargo & Company by 2.0% during the second quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider’s stock valued at $539,000 after acquiring an additional 135 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WFC. Morgan Stanley cut shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $87.00 to $90.00 in a research report on Monday, September 29th. UBS Group cut their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $85.41.

Wells Fargo & Company Stock Down 2.7%

NYSE:WFC opened at $77.74 on Monday. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $86.65. The company has a 50-day moving average of $80.63 and a 200 day moving average of $76.56. The firm has a market cap of $249.04 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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 net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the firm earned $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, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s payout ratio is currently 30.82%.

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.