IMS Capital Management Sells 12,150 Shares of Wells Fargo & Company (NYSE:WFC)

IMS Capital Management decreased its position in Wells Fargo & Company (NYSE:WFC) by 19.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 49,133 shares of the financial services provider’s stock after selling 12,150 shares during the period. Wells Fargo & Company comprises 1.3% of IMS Capital Management’s portfolio, making the stock its 16th biggest position. IMS Capital Management’s holdings in Wells Fargo & Company were worth $2,848,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in WFC. Arlington Trust Co LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $25,000. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company during the fourth quarter worth $25,000. Tennessee Valley Asset Management Partners acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $29,000. Wetzel Investment Advisors Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $32,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $32,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Compass Point reiterated a “neutral” rating and issued a $64.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. Jefferies Financial Group boosted their target price on Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Finally, Oppenheimer restated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Thirteen equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and an average price target of $59.91.

Wells Fargo & Company Price Performance

WFC stock traded down $3.62 during mid-day trading on Friday, hitting $53.26. The stock had a trading volume of 27,642,566 shares, compared to its average volume of 16,512,784. The firm has a fifty day simple moving average of $58.87 and a 200 day simple moving average of $56.88. The firm has a market capitalization of $185.68 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.40 and a beta of 1.17. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. During the same period last year, the firm posted $1.25 earnings per share. The firm’s quarterly revenue was up .8% compared to the same quarter last year. As a group, research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be paid a $0.40 dividend. The ex-dividend date is Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 3.00%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.75%.

Wells Fargo & 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.