Concord Wealth Partners Purchases 1,240 Shares of Wells Fargo & Company (NYSE:WFC)

Concord Wealth Partners raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 17.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,405 shares of the financial services provider’s stock after buying an additional 1,240 shares during the period. Concord Wealth Partners’ holdings in Wells Fargo & Company were worth $475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brookstone Capital Management raised its stake in shares of Wells Fargo & Company by 6.9% during the first quarter. Brookstone Capital Management now owns 19,476 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 1,263 shares in the last quarter. Cornerstone Wealth Group LLC bought a new stake in shares of Wells Fargo & Company in the first quarter valued at about $292,000. Aviance Capital Partners LLC bought a new position in Wells Fargo & Company during the 1st quarter worth about $533,000. BKM Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 26.1% in the 1st quarter. BKM Wealth Management LLC now owns 2,523 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 522 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its position in shares of Wells Fargo & Company by 1.2% in the 1st quarter. Miracle Mile Advisors LLC now owns 20,454 shares of the financial services provider’s stock worth $1,186,000 after purchasing an additional 235 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $0.86 during midday trading on Monday, hitting $65.39. The stock had a trading volume of 3,504,333 shares, compared to its average volume of 18,014,004. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a 50 day simple moving average of $57.60 and a 200-day simple moving average of $58.26. The company has a market capitalization of $227.97 billion, a PE ratio of 13.25, a P/E/G ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 1 year low of $38.69 and a 1 year high of $65.95.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.39 EPS. On average, sell-side analysts expect that Wells Fargo & Company will post 5.36 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.45%. Wells Fargo & Company’s dividend payout ratio is presently 32.85%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a report on Monday, October 14th. BMO Capital Markets upped their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods dropped their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Compass Point lifted their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $61.82.

Insider Buying and Selling

In related news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.