IMS Capital Management Takes Position in Wells Fargo & Company $WFC

IMS Capital Management bought a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 49,517 shares of the financial services provider’s stock, valued at approximately $3,967,000. Wells Fargo & Company makes up approximately 1.9% of IMS Capital Management’s investment portfolio, making the stock its 11th biggest position.

Several other hedge funds have also recently bought and sold shares of the business. CBIZ Investment Advisory Services LLC grew its stake in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares during the period. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth $29,000. 1248 Management LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth $31,000. Finally, Stone House Investment Management LLC acquired a new stake in Wells Fargo & Company in the 1st quarter valued at $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the topic of a number of recent research reports. Truist Financial boosted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Raymond James Financial lowered Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Evercore ISI reiterated an “outperform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Citigroup reissued a “neutral” rating on shares of Wells Fargo & Company in a research report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.56.

Wells Fargo & Company Stock Down 1.0%

WFC stock opened at $84.33 on Wednesday. The company has a market capitalization of $270.16 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 1.32 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52 week low of $53.31 and a 52 week high of $86.66. The firm’s 50-day moving average is $80.58 and its two-hundred day moving average is $75.56.

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

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. 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.